I used to tinker a lot with Dolby Headphones, until I finally gave up because I couldn't get totally rid of the annoying reverb. 
This is my last setup, it is definitely less bassy than yours RPGWIZaRD, you might wanna give it a try.

Tips:
1. If you want to adjust the bass, use the Bass redirection Frequency slider. Higher values result in less bass.
2. The Upmix volumes may cause dynamic compression, reduce the Center and Rear volumes to around 0.30 to avoid this.
Lately I've been using just the Bauer stereophonic-to-binaural DSP.
EDIT: Btw xnor, your equalizer is awesome, thanks! 
EDIT 2: I think I just came up with something better. Almost no reverb, and as good a frequency response as you can possibly get with Dolby Headphones, I guess. The changes are as follows:

It is possible to further improve the frequency response (just fiddle with the "Rear" sliders), but then you start losing the sound-stage in which case Dolby Headphones is pointless...
Edited by Vitor Machado - 6/16/11 at 6:57pm