It's not just about amount bands or how configurable it is, it's equally much about how well it boosts/cuts frequencies. Some graphic equalizers can do it better than parametric or vice versa, it doesn't really depend on the type there, it's more about how it's coded. So far I thought Electri-Q did this the best of all the freeware EQs I've tested. I'm used to critical listening on a daily basis for over several years almost so my ears is used to auditioning small differences in sound. :P I used to use graphic equalizer but then I switched to Electri-Q on the basis it produced a more natural sound when both EQs were using similar settings. Even Electri-Q doesn't compare to the 10-band EQ in he kX Audio drivers for Audigy cards though that I used before.
But yea just use whatever works best for you, if you like graphic equalizer then use it! I'd recommend to use my config as a starter tho to where it just restores balance from the Dolby Headphone plugin and then start EQing from there if you need to EQ your headphone with for example graphic equalizer or whatever.
Edited by RPGWiZaRD - 6/27/12 at 10:42am