Room correction systems vs room treatment?

[recursive one]

I'm now mixing my stuff in a completely untreated living room, which means that I have to play a guessing game each time I mix my kick and bass. Now I have an opportunity to invest into some room treatment. However it will still be a living room with some furniture like my bed (I'm a bedroom producer in the most literal sence) - I'm not sure to what extent the frequency problems of such a room may be fixed by putting acoustic panels on the walls and moreover I currently have no clue how do I define where to place the panels. On the other hand there are room correction systems like IK-Multimedia ARC System 2 which are supposed to do all the work for me - to my understanding, all I'll have to do is to measure the frequency responce of my room with a special microphone and the sofware will generate an equalizer curve to compensate for the problems (so no acoustic panels are needed at all, are they?)

Does anybody here have any experience with ARC System 2 or similar systems? Are they any good? If yes, which one would you recommend? Or are acoustic panels/bass traps the only reliable solution?