Digital EQ

Was wondering if anyone found success with running a digital EQ? I am looking at 2 Behringer models: the 2596 and the 1024. The appealing thing, as it looks from the design is, I can run the S/PDIF output from my digital source, into the Digital EQ, then back out (in either AES/EBU or S/PDIF) to my Bel Canto Dac3. In theory, the equalisation takes place in the digital domain without the need for conversions. The only conversion takes place from the Bel Canto....
Anyway this seems like an inexpensive and effective way to get high quality equalisation into play.

I am really only interested in keeping this in the digital domain. I don't want to use the analog circuits of the would be EQ unit.

Thanks