If you are careful you can get your own personal response in just a few minutes. It will take a while to truly refine it, though.
As for the results, what you will get is a far more accurate response from your headphone. It will be as flat as it can possibly be for your ears. Music will sound more balanced and even more detailed in some cases. You can either continue listening to it this way, or perform further equalization to get the exact sound you want. It is better to perform further equalizations after you find your flat response, because then you will know just what kind of response you are getting, and your equalizations will actually mean something. If you were at a venue mixing for a band, you wouldn't just start using the sound board's EQ right off the bat, would you? Of course not! You would try to perform some room correction first so that you can then use the board's EQ with confidence. It's the same concept here.