Depends what you are doing. :) My hero, Floyd Toole, and I agree on the principle that doing too much EQ makes you wonder why you bought those particular speakers in the first place.
Where EQ really shines is in the bass, and subwoofer integration, and there the effects can be pure glory if done right.
If you have a high-end 2 channel system the place to start is with excellent room treatment. Then think about DSP