So kinda like ARC, but more advanced, and expensive. Same idea: Measure sound, make FIR filter, profit :D. They use a different algorithm, their own of course (ARC is Audyssey's MultEQ XT32). However the bigger difference is this is universal and surround compatible. It runs as a program that makes a virtual sound card on your system. So you have programs feed in to that, and it feeds to your actual output. Hence correction for all things, not just something you stick a VST on. Also the full version (the more expensive one) is 8 channel and so works with surround setups no problem. Supposedly does frequency and time domain corrections, customizable curves, all that jazz.
More infos on their site. I wish I had heard of this, because it just like just the sort of thing I want. I use a home theater receiver since I want room correction on 8 channels and want it in all programs. Thing is, that precludes using most pro audio interfaces which is a pain.
I very much has a interest. Wish I had known about it back when I was buying my receiver. :P
Worth checking out (they have a free trial) if you are looking for room correction. Rather pricey, like $900, but then I don't know of anything that can do what it says it does without getting hardware.
Speaking of hardware, supposedly the Emotiva XMC-1 uses it Dirac RCS.