It depends who is calibrating and how far they go with the set. There's surface, deep and deepest. (not industry terms but helps visualise the levels involved).
Surface is where the basic user controls are set up (contrast, bri, clr, tint, sharpness) and stored on a TV preset (User, Custom etc). Then a test pattern generator is connected and depending depending on the gear being used then either a manual read and adjustment is done of the colour management system controls; the primaries (red, green, blue) and hopefully the secondaries too (cyan magenta yellow). This service may or may not include correct adjustment of the gamma. Technically, the TV is calibrated: It has been measured and adjusted to a reference source, which is what the word means. Whether it looks any good in your system is another matter. There's a few customers I've visited who have had previous disappointing experiences with calibration; either the picture didn't look that much improved or it measured more accurately but looked dull after. The general pattern is that the calibrator is on-site for a couple of hours or less. It's kind of a smash and grab service. I have seen prices for this service range from £100 - £250. If you have a look on AVForums there's a video of Neil Davidson running some gear that auto-calibrates the screen. That only works on certain TVs, but the process itself is remarkably quick; 5 mins and it's all over.
Deep does the above but takes some account of the effect of the rest of your system on picture performance. If the amp has picture processing then some readings should be taken to ensure that the signal pass through isn't throwing off the colour or changing the contrast etc. This might take 3-4 hours to complete.
Deepest takes full account of the behaviour of the display. All the picture processing modes are fully evaluated in terms of their effect on dynamic range, colour, gamma, motion, and noise. The processing is also evaluated against source: SD/1080i/1080p/50/60/24. This builds a profile of the optimum settings for each source signal. The rest of the system is evaluated on the same basis and optimised to maximise colour contrast before the signal gets to the display; so whilst the TV is adjusted against reference standards, the rest of the system is brought up to as close to that standard so that the TV receives the best picture signal that the system is capable of delivering. For this level of service the calibrator will be on-site for the whole day. Prices go up to £500.