Ethan- they are not limited by 1/3. You just have to purchase an inexpensive add-on for FFT I believe. They also have ETC, etc and there is a new SMAART tools package that has a bunch of new stuff (which is too complicated for me I'm sure)
The nice thing here is you don't have to go out and purchase a mike, boom, outboard soundcard, computer, laptop, etc. iPads are the new laptops for most people these days.
I saw Kevin Voecks was using this same software at CES for room setup, which I found interesting.