I really love this free EQ, I use it all the time for all my tracks. The sound is excellent and unlike other free EQs, NyquistEQ has no delay. It's very simple to use, and the management is quite comfortable. Their consumption of resources is minimal, as used in a computer model '98 (AMD K6-II 350MHz with 64MB RAM) in a number of channels without any problems. For several years I had the opportunity to test it in many different hosts and always worked great.
Ok.. it is very simple, but I think that his power is in that concept: It is a graphic parametric equalizer with five bands that can be turned off.
NyquistEQ have some secrets (as I discovered by chance): to avoid the compensation that is turned on by default in all bands you need to access the list of parameters of this VST from your host, you also could change the master gain and the type of filtering; I think that they should add the possibility of modifying these parameters from the graphical interface.
It would be interesting to see a version with ten bands and having some sort of spectrogram in the background :)