EQ is essentially a three-band fully parametric EQ where each band is full range (40Hz to 20kHz) and can have a near surgical Q right through to a broad bell.
The trick is that you can infinitely pan each band across the stereo and independently adjust their stereo width from a mono point to full stereo width.
The result is an EQ which lets you pull out and tame notes in a piano part, bring up a buried crash in the drum overheads (or loop) and correct stereo imbalances in synths or simply put a whole new slant on a stereo picture.
