Room set up

You will probably need some type of bass absorber to tame the boom.. 

Check out DIY limp membrane absorbers
Or GIK Acoustics has tuned membrane bass absorbers..

I've just about finished my room acoustic treatments, boomy bass is gone, slap echo is gone.. the only reason I'd use DSP now would be if I was setting up surround sound.

@erik_squires that miniDSP Dirac live precessor seems incredible.. but man, $800. Oof. Have you had a chance to check any of their stuff out? 

Never you mind, you've already answered my question. 

REW is great for room measurements, but won't tell you how to move your speakers. It'll just give you data to work with, but you'll still have to use your ears and mind.

I find REW very helpful, but it's good to be realistic about its capabilities.