Brightness is a very small variable of the calibration equation.
LCDs need gamma correction more than anything else. The gamma curves of LCDs tend to have a tendency to get lousy. Here's your run-of-the-mill 19" TN monitor (BenQ FP93GX):
http://www.xbitlabs.com/articl...isplay/19inch-7_6.html
As you can see, the colors don't coincide correctly (and that's besides the fact that they are all offset from the reference 2.2 gamma line by at least 10/255 at one point or another). An offset causes darkness or brightness, depending on the direction in which the offset occurs. Ideally, it would match the black reference line shown on the graph.
X-Bit's page has more info on this here:
http://www.xbitlabs.com/articl...stmethods_2.html#sect2
Some LCDs, such as the NEC 20WMGX2 (S-IPS), have fairly tight gamma curves by default (although from experience, calibration still vastly improves the white to look more natural):
http://www.xbitlabs.com/articl...ay/20-21inch-2_15.html
How much can a colorimeter fix?
Well, in an 8-bit system you have 256 shades of gray. Gray is made of 3 components. That means you have 256x3, or 768, independent levels of adjustment you can make. Ideally you'd have 16.7M points of adjustment but they don't make the ICM profiles that way yet since it's kind of pointless (are you going to sit there while the colorimeter measures every single possible color?) Obviously, they can't measure every single one of those, but after a calibration that goes through some 20 tones you can get the curve pretty tight. The disadvantage is that you lose a few tones since you have to adjust a lot of them. I'm not really sure how to get a straight number for this.
After calibration I've been able to drastically improve the quality of text and webpages reproduction on many of my LCDs. With the blue-on-gray AnandTech theme, for example, the blue looks a lot darker and is much easier to read, not pale or off-color. Additionally, it brings out the darker details in your pictures and wallpapers. I love it and I definitely thought it was worth what I paid (~$225 Eye One Display 2).
With truer and more vibrant colors (particularly midtones), you will be able to lower the brightness of your display, easing strain both on the LCD itself (lowering the possibility of burn-in), and your eyes. You also get a deeper black level that way, and still a natural bright white with a 120 nits profile. (Most CRTs are 80-100 nits.)
I use the basICColor software myself.