EQing above Schroder is useful to get L/R speakers to match better, in the presence of room interactions. This directly impacts imaging performance; the better the speakers are matched to one another, the more precise the imaging. This is quite obvious, IMO; if L/R is 100% identical and a tone is played, you get a perfectly centered image. If one channel is louder than the other evenly, the image shifts towards the louder speaker. However, if one channel is unevenly (across the freq range) louder/quieter than the other, then the image smears; some portions of the sound go towards one speaker, and others go to the opposing speaker. Room interactions/reflections can affect this behavior for the different speakers, and room correction could be used to reduce this effect.
As to meeting a particular target curve or correcting some phase response, I'm not quite as sold on that part, other than for some basic tone control/correction (i.e. tame a bright speaker).
Below is some analysis I had done when I was evaluating Audyssey XT32 and Dirac Live in my system. Both DRCs improve L/R matching vs. no correction for SPL. Each line is the average of 6 measurement points around the MLP.
Additionally I looked at L/R phase error, which is also something that is audible (i.e. flip the phase of one of your speakers, you'll hear a difference). DRC improves upon it, although I found Dirac doing something weird here and increasing the error in the mid range. Subjectively I did not like the way Dirac sounded above the Schroder frequency; the imaging got more precise but the soundstage sounded like it reduced. Audyssey, on the other hand, sounded better on than off above the Schroder frequency. The average error numbers are calculated on linear scale, but when viewed in log scale, it looks like Dirac is worse than No Correction.