Yes if it's out of sight then I guess you'd have to set it up so that you only use one input and input resolutions to select appropriate output settings.
There are 2 physical HDMI inputs, but effectively there are 4 'virtual' inputs: So you can map where you want those virtual inputs to be 'connected'. They could all be mapped to HDMI 1 for example. Then you use the remote to select input 1,2,3 or 4 (if you had sources with the same resolution, but different calibration requirements you'd maybe need to do this). You still have memories A to D for each of those inputs too, though this is tempered by the limit of 8 CMS settings you can assign.
Another feature that I've not tried is that it can output 3D at 1080/30p per eye so any display (even if it's not a 3D one) that can accept 1080/60p can display a 3D image. Now Lumagen themselves admit that this has a lot of flicker, but it shows how willing they are to add features to their products long after launch. You need an emitter and glasses of course, hence why I've not tried it (plus 'proper' 3D gives me a headache, let alone this 'lite' version.
There are things that I'm still discovering with mine after almost a year, as it's so flexible the adjustments that can be made are mindboggling:
One example I recently confirmed for another potential owner was this: They wanted to be able to shift a 2.35:1 image on their 16:9 screen so that there was only one big black bar instead of two: I found that it was possible to do (in either direction as he wanted it to go 'up'), just by setting up a copied memory with the shift applied, so a one button job to instantly change.
Another is if you have a 2.35:1 screen and no lens you can also set up one of the spare memories to do a 'shrink' so that you can zoom your projector to fill the 2.35:1 screen and for menus you can view a (reduced resolution approx 1400 x 800) 16:9 image within the screen height. It's a neat way of being able to change aspect ratio at the press of a single button. Even if you have a projector with lens memory it's much quicker and the reduced res only effects 16:9 menus (and trailers) but not the main feature.