Most users will never go into the two menus above, unless they plan to calibrate their projectors, or want to tweak them "by eye".
You can also turn on/off the Auto Iris of the projector from the Picture Menu.
Other Epson Cinema 550 menus include the Settings Menu, where you can adjust Keystone Correction (avoid if at all possible), putting in your own logo (when there is no source signal - how about a family picture, text, or anything you think is cool to display. Projector orientation is also on the menu (front projection, front ceiling (inverted projector) projection, rear, etc.
The Epson Cinema 550 home theater projector offers an impressive nine separate memory settings, so go crazy, you can have some settings for a completely dark room, (ie Movie, TV, sports), others when there is more ambient light, and still others for your brightest usable room settings.
Most of the key menu functions, such as color presets, memory recall, and aspect ratios are accessable from the remote. For example selecting the presets let's you navigate through them with the remote's arrow keys. This is a lot faster than on some projectors, where each time you hit the button it advances to another setting, which can be very time consuming if each time takes a couple of seconds.