I would think you would need to calibrate each source individually. If you have your Cable/Sat in HDMI 1, PS3/xbox/Blu-Ray in HDMI 2, you would have to do each of those.
If you use a receiver, and your TV is just stuck on HDMI 1, and the stereo does all the switching, you would be ok.
There is much smarter people on here though, im sure they could correct me.
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