But what exactly does calibration mean when speaking of televisions? From reading..I think it means to get the most out of your set. Is this correct? Thanks.

Check out this thread: http://www.avsforum.com/avs-vb/showthread.php?t=936055 , and perhaps the "Calibration FAQ" sticky thread at the top of this section of the forum.

Here's a good link that demonstrates what can be wrong with a TV picture, what such errors actually can look like, and what calibration can do to improve such problems: http://www.datacolor.com/index.php?name=Sections&req=viewarticle&artid=338 .

The only stupid question is the one that isn't asked...

Great article GeorgeAB!