Equalizer in a Hi Fi system

Just curious to hear everyone’s opinions on using an equalizer in a high end hi fi system. Was at work tonight and killing time and came across a Schitt Loki max $1500 Equalizer with some very good reviews. What are some of the pros / Benefits and cons in using one. Just curious. BTW. I’m talking about a top of the line. Hi end equalizer. Mostly to calm some high frequencies and some bad recordings. 

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Want to have some fun...Set up REW and a reference microphone in your listening room. Turn your system on and using your EQ, shape the sound how YOU think it sounds best....Then look at the graph on REW....Now, using REW, and a good EQ, flatten the sound and compare it to what YOU LIKED in the first exercise......This shows that a "FLAT" system is not alway what we WANT to hear....A great hobby this is!

@rbertalotto , that’s room corrective EQ. Totally different than tone shaping EQ. You COULD do both though if needed. Fortunately my room is good, as the best recordings sound perfect without EQ. 

The reason FLAT is not always what we want to hear hearkens back to my link earlier in this thread to the cello palette Levinson discussion regarding the fact that not all recordings are created equal 

Has anyone mentioned the elephant in the room? Eq’s destroy the phase relationships in the signal.  There can be rare times when the benefits outweigh the downside.  But most of the time, there’s a good reason why audiophiles abandoned eq’s decades ago.  And as several have mentioned, 2 sets of extra cables, with an extra box (and power supply) adds noise.  It’s all clearly audible even in a modest audiophile system.
  Less of a problem if it’s an all/digital signal chain. 

I use EQ software (APO 1.2.1) which is noiseless and to my ear the adjustments I made improve over all sound. I have an aluminum tweeter that can cause listening fatigue and a small ajustment eliminates the problem.