I just gave this a try, and it sounded terrible. With the profile set to either Music or Movies, the sound from my laptop had a lot more depth (which is good), but lacked clarity. With no audio enhancement, the speakers in my HP ProBook 4330s, provide sound that while severely lacking in bass, is very clear. With the audio enahncements, there was a massive drop in clarity.
Perhaps with different speakers, this would have made an improvement. My laptop has SRS Premium Sound, and I got similarly bad results when I installed the HP driver audio for it and enabled SRS sound.
My Toshiba Qosmio laptop has Harman Kardon speakers, a built in amplifer and Dolby Home Theater. The Dolby "surround" sound, actually sounds good on this laptop, but I can only get it to work with XP. The Vista audio driver from HP, provides a Dolby setting, but it does nothing. I will try Bongiovi on this laptop and see if improves the sound or makes it worse.