Will HDTV calibration extend the life of the TV and also reduce it’s power consumption?
It is a 60″ Pioneer Elite Plasma HDTV. The picture is awesome right out of the box so I’m not that concerned about enhancing the picture. But I am interested in reducing it’s power consumption and extending the life of the TV if calibration will do this. A technician wanting to perform the service told me that it would.

Any difference would be insignificant.
Calibration is a complete scam. Old tv techs had to find something that they could charge money for with new tv sets, so they came up with this.
You will get NO SIGNIFICANT advantage in reducing power consumption or extending the life of a TV, be it LCD, plasma, CRT, or rear projection by having the set professionally “calibrated.” Chances are, you won’t even see a real significant difference in the picture quality, unless yours is really screwed up. Read the following – it will help you check your settings in a way that is sufficient for 95% of TV viewers, and it won’t cost anything: http://www.flat-screen-tv-guide.com/how-to.html