I run a flat system without tone controls and love the sound. However at low volumes the bass is insufficient. I rarely listen at such low volumes.
Standard bass and treble controls are such crude hammers. I don't know how one can hope to use them to address system deficiencies. If one's system rolls off above 10K and you want to give that region a little boost, increasing the treble control is going to boost everything above 2K-3K. So you could now have a significant boost at 5K which makes your system sound too bright. Likewise if your mid-bass in the 80-120Hz region is too boomy, a bass control will overly decrease your low bass.
IMO using standard bass and treble tone controls cause more problems than they solve. However if one has lower quality small speakers with very weak bass or very rolled off highs, then a broad region frequency boost can help them to sound better.
Parasound used to make a small 5-band equalizer, the REQ-150. I used it in an office system and later a small bedroom system and it worked pretty well. It had narrow band 1/2 octave adjustments at 40Hz, 80Hz, and 120Hz on the low end and at 2.5K and 6K on the high end. I used small speakers in those systems and was able to apply a boost a 40Hz and just a litle +1 db boost at 80Hz for a fuller sound.
It might be nice to own a very high quality 32-band EQ to address problems in narrow frequency ranges.