Personally comparing the D2 to the Zen, the iRiver H320 and various iPods I have tried erstwhile I cannot possibly imagine how you could define the D2 as warm. To me, the D2 is the defintion of cold although granted by experience with different headphones/DAPs/amps is pretty limited. Perhaps we hear things differently, perhaps we have different definitions of the word warm, but warm and D2 are antonyms in my book.
Speaking of the EQing ability of the D2:
It has a 25 step (12 -> -12) equalizer at 5 different frequencies. The exact frequencies of each band can be adjusted between 3 options within a certain range. Also there is a function for widening the 3 middle bands, but I'm not too sure exactly what this does, and can't tell whether I prefer it enabled or disabled. The lowest one doesn't go any lower than 80 Hz though, which doesn't produce very deep bass regardless of whether you pump it up. It's certainly 'usable' but if you push it too far, it will mute other aspects of the spectrum noticeably as you'd expect. Although, I would say the recent 3.55 firmware might have helped remedy that a tad (may be a placebo affect there).
In regards to other effects, it has a bass boost function (1 -> 10). It helps bass impact but again, it doesn't go very deep. It also has BBE (which crossfeeds sound I believe) which is alright at 1 or 2 but kills clarity for me at any higher. Also it has 3D Surround and Stereo Enhance, both of which can help improve the soundstage. 3D Surround creates a very closed-in, claustrophobic sound whereas Stereo Enhance does a very reasonable job of stretching the soundstage. Also there's MP Enhance which basically adds to the brightness a bit (to my ears) and is supposedly designed to enhance compressed recordings. Finally there's a sound pan and play speed option, both of which aren't exactly of any real use. Actually I probably should have saved the time writing this out and just linked you to the anythingbutipod.com review of the D2, it covers much of this in superfulous detail, although I'd disagree on the reviewer's assessment about the D2 providing enough bass:
Cowon iAudio D2 Review