What do you want to use the EQ for - room correction, tone controls, or both? Whether you go digital or analog depends on the rest of your system. Digital units typically offer more individual EQ bands than comparably priced analog units.
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The Behringer DEQ2496 (two of them actually) have been the greatest and most cost effective addition I have ever made to an audio system. I think that the Spectrum Analyser part is important because it lets you see what your room response problem is, and how to fix it, and the automatic equalization process is a hoot to watch. If you want to use it for tone control, the ability to set up, store, and recall many EQ curves would be good (although I don't need that because I have real tone controls).
End of sales pitch :-)
Ad010685...Ok if you want to spend the $. Do those units have a RTA and autoequalization capability? You might want to consider the Behringer just for the RTA. I use one of mine to set up the analog parametric equalizer that I have for my center front channel.
Whatever EQ you buy it will do wonders for your system in terms of room response correction. Have you considered the Rives PARC?
The most effective analog tone control type EQ is the Manley Pultecs. It's not a full parametric design, but it is very easy to use, sounds wonderful and settings are quickly arrived at (a big consideration with EQ devices). The Weiss and Massenburg units have tremendous reputations, but are definitely overkill as tone controls.
The Z-System units are very good, but I would recommend the Tact room correction units. In addition to the room correction equalization they also come equipped with a 12 band parametric EQ. The problem with the Tact is that if you use the RCS feature it has a very steep learning curve. The upside is that it's extremely powerful in transparently changing the sound of your system in your room. It comes equipped with a calibrated measurement microphone and can be used (with a computer) as a powerful analytical tool. The 12 band parametric can also be used without engaging the RCS features.
The best way to actually learn how to use an EQ device is to simple play with and see how it sounds. It's an eye opening experience.