Behringer DEQ2496 - worth using in hi-end system?

Connection-wise, yes.

Many people consider the A/D conversion being a weak link. The D/A conversion is respectable but no world-beater either. Therefore, it is best to be used in the digital domain, between a transport and a DAC.

You can download the manual from their website to learn more about its capabilities.

As Warnerwh said, the best thing to do is try it and see how you like it. A couple thoughts:

The equalization/room correction feature may be so beneficial that it outweights some loss in ultimate sound quality.

This is an amazing piece of equipment. You can use it a DAC, an ADC, a sound meter, etc.

Given its relatively low price, it is really a fun gear to experiement with.

If you use the digital out, your CDP will have no significant role. If you go the A/D - EQ - D/A route, you CDP will still have a significant role but may be hampered by the conversions.

I think many people want to know how exactly the A/D and D/A conversions degrade the sound. Please share your experience you do give it try.

Beware of using pre-out. I think there is an optimal range for the analog input. Outside of it, the quality of A/D conversion is going to be poor.