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I've been using it for a while with one of the calibrated mics. It's easy to overlook how important the calibration is. For example I use that mic with pink noise generated by the mixer at events but I have to compensate for the mic characteristics where REW will use the calibration file provided by the mic manufacturer so you can easily forget it's doing it. As far as I know it's impractical to calibrate a mic outside of lab conditions.
You might be interested in downloading REW and running the room simulation. The software is free and you don't need any extra equipment to use the simulation. You can set the room size parameters to match your room and move speakers around to see what sort of dips and bumps in frequency your room/speaker combo might create. I've found it's pretty accurate for predicting bass bumps.
The maths involved isn't all that complicated but it gets easier to calculate the db increase from proximity and standing waves when you've been doing it for a while.