Thanks for the invitation to throw in my 2 cents worth!
I bought the original Loki Mini a couple of months before the Mini+ was released. To my ears, it is completely transparent when set to flat (also tested by switching back-and-forth to to an amp input that skips the Loki entirely. And the 4 bands are good for adjusting the tonal balance in broad strokes: bass, lower-mids, upper-mids and air).
But in time I was craving some finer control than just 4 bands. I think there's a saying, "boost wide, cut narrow", and the Mini can't do the latter. So sometimes it was necessary to dust off my ancient Marantz 10-band EQ (which is the "nuclear option" because it does introduce distortion), either as a band-aid for a bad recording or when I wanted to fatten up the sub-bass without making the mid-bass bloated (maybe it's my room or just inside my head, but I'm often dialling back the region around 125 Hz). Anyway, the Lokius is great for the latter. Having an extra band at both the bottom and top ends is very useful, and I wouldn't go back to a Mini.
On both the Mini and the Lokius, I often liked to turn up the highest band a bit (perhaps compensating for some hearing loss...?), to make the cymbals sweeter and give the sound a more spacious feeling. And I don't think either the Mini or the Lokius has caused distortion for me, even when maxxing out the 20 Hz gyrator (although if the recording is distorted to start with, then cranking the dial can exaggerate that).
Maybe the other people's comments about the 20Hz dial having more effect on the Mini are because it has wider bands, therefore the lowest dial extends further into the mid-bass range. I think the Lokius could get the same result, but you'd need to also turn up the 120 Hz dial a bit.
As an aside, I'd been keeping an eye on Schiit's development of the Lokius and Max for a while, and was disappointed when it was announced that the Max would also only have 6 bands. If it had more bands, I would have been tempted at the time to get the Max instead of the Lokius. But that's now changed, I actually think that 6 bands is a good number for general duties ("thump, mid-bass, body, clarity, highs and air"), and if you're wanting finer control than that, then a parametric EQ is probably the answer. So I'm still actually tempted now to shell out for a Loki Max... admittedly mostly because seeing the faders (ok, dials) snap into place for each preset is a really cool party trick
Thanks for reading my vague ramblings.