X-Rite i1 Display Pro - all I need to calibrate?

I want to get the most out of my front DLP PJ setup without having to pay a pro for a calibration (not trying to raise hackles, I'm just a DIY-kind of guy). I have used test discs like DVE for years now, so I'm familiar with the basics. However, I've never used any type of visual measuring equipment.

Being that I'm fairly ignorant of how these things work, I'm looking for an "all in one" solution. Something that comes with the hardware and the measurement software and a decent set of instructions. So I've been looking at the X-Rite i1 Display Pro. They seem to cost around $250 which is a reasonable amount IMO. I know that professional equipment of this type start at about $4K and up, so I know I won't be getting that last 1% of calibration and I'm fine with that.

According the manuf's page, it comes with the device and the software. Page here: http://www.xrite.com/product_overview.aspx?ID=1454

Is this truly an "all in one" solution? Does it come with everything I need to get a better calibration than just using the test disc and my eyes?

I also briefly looked at the Datacolor Spider4 Elite, but it seems like they took their CRT/LCD monitor calibration device, drilled a hole in the backside and called it a "PJ calibrator." The X-Rite LOOKS to be designed for PJs. Again, this is my ignorance talking...just going by what I see.

Thoughts and advice are greatly appreciated. Thank you.

Thanks guys. I didn't know that certain calibration software was "source dependent". I.E. one program can only run from a PC, other from a BR/DVD player. I would think that if the source material was HD, you could run it from either, no? That HCFR thread is...intimidating. 75% of it is above my head. I'll keep reading though. Thanks for starting me on the path to understanding. Please, everyone keep chiming in.