No, according to me after listening to it. Don't particularly care what Ausyssey say and they'd be biased anyway.
I'm not alone in disliking DEQ, but it is a personal choice at the end of the day.
I agree with you. Of particular irritation is how it boost the surround channels. If it didn't do that, and just added the variable bass curves at below reference, then I'd probably still use it (albeit certainly not at 0dB ROS setting, maybe -10dB so it doesn't blow my head off).
Because after running Audyssey it defaults to DeQ on, a lot of people fall into the trap (and I include myself in the past) of then boosting up centre channel afterwards to hear dialogue properly.
If you have DeQ off, after running Audyssey properly, you should (assuming your room/speakers are all hunky dory) find that the dialogue level is adequate. If you turn up the MV to a level where dialogue is clear, the rest of the sound is all balanced with it.
As you've pointed out, I think I agree that they recommend DV on with DeQ because you need it haha to compensate for the crapness of DeQ!