Harsh,
The Version 7.00 library includes the capability to store MagCal and sensor trim parameters to flash and then reload them on startup. However, we've never claimed a one time calibration to be sufficient. The primary reason for this relates to the temperature coefficient of the sensors. They are probably negligible for accelerometer and gyro for most applications. However the Z-axis of our magnetometer has a different physical structure then the X and Y axes. I've never characterized how well the three axes track, which would impact the quality of the stored magnetic calibration. For this reason, I've always recommended that MagCal be run as a continuous background task, even when we've used stored coefficients from flash to speed the startup process.
Mike