Hmm I’m not sure where to start first 🙂 It’s just a very nice Equalizer with great, customizable GUI combined with spectrum analyzer and useful frequency / drums / octave map graphic. All in one screen, all very handy. There are 7 filters for each band: peak, low-shelf, high-shelf, low-pass, high-pass, band-pass, notch, there are 8 different channel modes (left – right, mono, stereo etc.). Also, there is saturation slider – move it more the right and it will simulate analog equalizers.
Overall, very polished product – there is also a bigger brother, commercial version which offers even more features. MEqualizer is a part of melda free audio plugins bundle, which is, to be honest, great (probably the best, free plugin effects bundle).