Thanks sKiZo,
That's just how I'm using it now. Since it's digital and has memory, I created a setting that has all the sliders at +8db. This serves as my 'flat' reference and is just very slightly louder than when the unit is bypassed, allowing a good starting point.
When bypassing the unit using the preamps 'rec out' button that bypasses the 'processor loop', I can a/b the EQ in and out while playing at the touch of a button. This is a compromise from the EQ on/off feature of the EQ, but aside from the very slight volume difference, there are no differences in the sound, detail or tonality that I can discern. (+6db, the next lower setting is slightly lower in volume than if the unit were not in the loop, +8db just happens to be very, very close to the unit bypassed)
Couple of lessons learned here from using this electronic EQ.
1. The 'sliders' adjust in 2db increments, since it's electronic, so old fashioned sliders have much finer control. (however, have the drawback of having to deal with oxidation of the slider contacts)
2. The 'parametric' setting on this EQ isn't exactly that, but allows 3 frequencies at either narrow or wide, and being digital discrete adjustments. Again, a manual setup would offer more control. Per the schematic, 2 sets of chips hold 14 bands of settings with variable resistance, so unless the parametric EQ is a different setup, or uses settings not manually selectable to make a smooth curve, I don't see how it's comparable to a 'real' manual parametric EQ. However, this function is very handy and quick to use.
3. Despite the above, and the 8db drop that effectively makes this a +4/-20db EQ in effect, it's definitely worth it for me still in dealing with a number of room issues that cannot be altered beyond compromising the living space. In my particular case since the amp produces 160 watts and the speakers are rated for 70, it's no problem.
4. The better units introduce no audible noise and this one is no exception, despite the volume drop.
5. A manual EQ would offer a MUCH faster way to make adjustments. This one, I have to first select the band using the knob, then adjust the up and down buttons. On a manual you, could do this A LOT faster.
6. The memory settings are great! Really allows trying different things out and there's enough of them that I've got settings I like for for phono, low volume (simulates a loudness button), etc. This might be the one big advantage versus a manual unit.
7. This unit, does not have discrete left/right controls. I personally like this, not having to balance left right, but for others, the lost level of control might be a negative, depending on their needs/circumstances.
I''ll be keeping this unit as I am really happy with the results. However, if I had to do it again, I'd go for a manual parametric EQ or perhaps a digital one with the room correction feature and output that matches the input levels. Definitely would want a unit with the spectrum analyzer though as I found it quite helpful.
As an aside, I did room correction myself manually injecting discrete sine waves for each of the 14 bands into the amp; Then took readings using an Audessy microphone set at the listening position, fed into the EQ (via preamp) to set each of the 14 bands on the spectrum analyzer and adjusted the 'sliders' until this read flat. Found a great freeware app for generating sine waves for generating and playing each of the discrete bands all at once for iPad that does this, but OMG, what a headache inducing noise! The results of this painful exercise, however turned out great. I suppose one could do one tone at a time for less of a headache, but I liked that the entire spectrum of the analyzer was lit up & I could verify that it was equivalent at all frequencies and perfectly flat. This, of course, is one of my settings in memory.