One view -- the one I hold -- is that some kind of rather precise, fixed EQ will be needed to make many systems sound the most natural. Certainly in the bass, and sometimes higher up to correct quirks of the loudspeakers or headphones.
THEN, one has to deal with the different approaches taken in producing different recordings. Some producers will use EQ or microphones that do not sound accurate. In many cases, broadband EQ like the early Cello devices and the new Schiit ones will be able to make substantial improvements.
One could call the first kind of EQ timbre correction and the second kind tonal-balance correction without objection from me. Still, if one is wrong, the other will be wrong, almost by definition, since timbre is largely the balance of harmonics, i.e., tonal balance in some sense. That is to me not worth much discussion, being mainly semantics. My main point is that pinpoint EQ and broadband EQ are two different items and for two different purposes.
