Analog Equalization causes havoc with image generation. This is why serious audiophiles steered away from toner controls and EQ in the past.
I think this is part of the legendary use of EQ which may not apply today. 31 bands of cheap parts excessively used introduced so much phase shift and noise you can forget about not just imaging but dynamic range as well.
Tone controls and small number of parametric bands can be heavenly though. The use of a miniDSP in line with subwoofers can be a lot closer to perfect than not.