If you are talking about lab-critical calibration (that is, the colours on one monitor need to exactly match the colours on another, and both need to match an external reference as closely as possible) then a hardware colorimeter (with its own appropriate software and test targets) is the only solution. Software solutions can only get you so far.
The technique you described is a common software-only solution, but it's only for setting the gamma curves on a single device. There is no control over the absolute brightness and contrast; you are merely ensuring that solid colours match their dithered equivalents. That's usually done after setting the brightness and contrast so that black is as black as it can be and white is as white as it can be, but you can still distinguish not-quite-black from black and not-quite-white from white. Each monitor, then, will be optimized for its own maximum colour gamut, but it will not necessarily match any other monitor in the shop (even monitors that are the same make and model will show some variation due to manufacturing tolerances and age/use). A hardware colorimeter will (usually) generate a custom colour profile for the device under test as it is at the time of testing, and there is generally and end-to-end solution built into the product (so your scanner, printer, and monitor are all as closely matched as they can be).
You will never get to an absolute end-to-end match in a complete system, but hardware will get you as close as you can get. Software alone can only get you to a local maximum for the device it's calibrating, independent of any other device.