So here's my take on the Loki after using it all week vs an Audio Control 520B from 1980.Note that I am old school and have always had a quality equalizer in all my systems over the years
https://www.hifiengine.com/manual_library/audio-control/model-520.shtml
The 520B was a USA made 5 band EQ that was as different from its low rent competition of the day as it is similar to the new Loki.
It retailed for $120 then, so figure $380 in 2018 value. 5 rotary pots per channel with the 3 bass and 1 treble having Q ratings of 2.65-3.40 (1 octave) while the mid control was broader with a Q of 1.5 (2 octave). All bands had an adjustment range of +/- 12-15db , so the possibility was there that the user could seriously screw up the sound with an overheavy hand.The 520B also included a very effective Chebychev brickwall subsonic filter,very useful back in the vinyl is king days for the gross arm/cartridge resonance mismatches which did - and still do - occur.
Note there is no power switch, there was a practical reason for this which Schiit alludes to in their Loki write up. (non-buffered tape outputs) Perhaps the always on power supply has helped with longevity, mine is 38 years old and working perfectly.
The Loki,of course, needs no introduction here.
My cobbled together desk system consists of Mimimus 7W's (original Japan production run) and a Cambridge Soundworks Ensemble IV passive subwoofer. Amp is a Dayton mini-D with an OK 1/4" headphone output., 15wpc. DAC is the Modi2. Headphone used are Senn HD558 and PX200ii along with newly arrived Hifiman Edition S.
Overall, the 520B was far more effective in EQing the speakers. Keep in mind that it was designed for the 2 way acoustic suspension designs of the 70's.
The Loki was slightly more effective in EQing headphones and much easier to adjust. With my speakers, it wasn't as pleasing as the 520B. I'll assume it was designed with the headphone market in mind.
Neither EQ added any sonic nastys at any time.
For those unfamiliar with using outboard EQ's, remember that your ears will always think a louder signal is a better sound. If Schiit makes a larger Loki, maybe they'll include Soundcraftsmen's Differential Comparator circuit which allows you to adjust the output gain after EQing to exactly what is was pre-EQ?
Anyway, Loki is now going home where it will initially be used between my B&K amp and pre. Further fun to follow!