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When i first saw this EQ i thought it is meant to color the sound. Then i read about the color of the GUI which is changeable and I put the plugin demo away.
Now, the ColourEQ is Freeware. At least this draw my attention to this cool looking Equalizer again. First I tried to use it as a bell filter to cut out some frequencies. When I dipped through the frequencies I realized that they are not exact. In fact the frequency I can see in the Parameter Box is around 50 Hz deeper than reality. After a little confusion I tried the "Type B" Parametric EQ-Mode. A big "Ahaaa" Effect came into my brain.
About the Filter curves:
"Type A" is not a "real" Bell-Type Filter. It offers a very smooth and rounded curve when you turn the Q up and the Type parameter down. It does not have a sharp peak. Ideal for boosting a specific range of frequencies without adding the typical 'edge' to the sound. With the Type parameter on low setting you can avoid affecting the neighbor freq's.
The other extreme is lowering the Q. With the Type parameter you can choose the range of the spectrum you want to equalize. The top is flat so if one turns down the overall gain and boosts the Band-Gain one has a Band-Pass Filter.
"Type B" is a double-peak filter. This type of curve has sharp peaks when the Type parameter is down. It differs its characteristic depending on the frequency. Fast Scrolling through frequencies with a low Type param set results in pretty nasty 'resonance singing'. So when you try it: be careful with this mode. ;).
Turning the Type parameter up is similar to the "Type A" curve. With this you do not have a flat top so you can use this mode to cut out some frequencies in the middle with a ball-shape while boosting its neighbors. In this mode the Q(ality) parameter sets the width of the two filter peaks.
Now the band begins to play! The filter bands are affecting each others curves.
The sound is another thing! Its really clean but instead of the typical harshness of digital EQs it can add some "cream"-like timbre to the sound if boosted to its limits. Its not the pure sound of the source either i will get with a minimal or linear phase EQ. I would call it a "damped sound". It sounds really good! :).
In the End it looks like this EQ is THE definite shaping EQ.
The last time i used it is when i wanted to make a Snare with the U-NO-LX. It does not has a sinewave so I used the filter resonance instead. But it lacked in the mids. I needed a 'punch' at around 200 Hz. With two ColourEQ's i tweaked it till it fits in no time. A pure Gem for sounddesigners who are seeking for a good tone-shaping EQ. But it can be much more than that thanks to its flexibility.
I had no problems with my DAW. (Ableton Live 8) The CPU consumption is relatively low. (1-2% [a bit more as the EQ8 does] with my iMac 2GHz Duo Core).