You're not missing much, the Auto level function is not very spectacular. I can do a better job, and faster, using the manual method.
I do it all by feel: front jack first - once it hits the ground I can feel it raise the front end, and I hold the button down until I feel it come up a couple inches. Then for the rears, I don't worry about which jack is physically closest to the ground, I just look at the bubble level and choose the jack that's on the low side (the side away from the bubble) and do that one first until I feel the rig move and the bubble approach the center. Then I do the other rear jack until I feel the rig just start to move. At that point I know all jacks are touching so I do the fine adjustments to center the bubble.
I mounted a circular bubble level to the horizontal surface next to the jack controller. That gets me close, then I ask the expert if it's good, and she'll tell me any adjustments that need to be made to get it to feel right.