Michael just got the 2016 Vizio M-Series and he wants to know what the "Calibrated Mode" is. There is no "Movie Mode." There's also a Vivid Mode. Stay away from Vivid Mode. That's for the show room floor. "Calibrated" isn't really calibrated, it's their best guess. So it may not be ideal, but it's worth a try. Standard Mode is the closest he'll get to a Movie Mode. There's also a color temperature setting of "warm" that he'll want, or 6500K.
Should he pay to have it calibrated? Scott says no. The chatroom says that Vizio recommends "Calibrated" for HDR and deep blacks. Then he could get the Disney WOW disc for $30 at Amazon and do a self calibration.