Just rent a copy of The Incredibles or any other movie with the THX video calibration tool.
Frank is a bit of an A/V snob, and I'd imagine quite a few other Bungie staffers are as well. They did the Hunter and Grunt audio test previously, so it's pretty clear they want their consumers to have the best possible experience with their product. It's just another example of them taking that little extra step to make sure everything is in order. Pretty sweet stuff.
I've settled on the Collector's Edition. I was really, really close to picking up the LE, but I couldn't justify the cost, especially with my 360 showing signs that it is about to crap out. Plus, the hardbound Bestiarum will make for awesome bathroom reading.