Zaikesman: "Please excuse the essay, but I must beg to differ with the eminent Kal here, and also the extension from his comments that Macrojack suggests."
Dunno if we really differ. I like ketchup but it ain't my favorite condiment.
Yes, you can do a lot damage with a PEQ if you don't know how to use it but the same can be said for traditional bass and treble controls. (Or, in fact, any really useful tool.) I am old enough to remember when people kept them both turned up (along with the 'loudness' control). The only essential tool is a good ear. With that the old B&T controls can offer a modicum of tuning but, as you do, I prefer an adjustable shelving control. For that, I use the Z-Systems RDP-1 which lets me tweak the tonal balance a bit without throwing a blanket (or ice-cubes) on the music.
I find it encouraging that newer AVRs, with their DSP engines, are offering B&T and/or PEQs in the digital domain and no signal corruption. My Meridian 861 (other system from the one with the RDP-1) does this, too.