I just upgraded to the new FabFilter EQ 3 and it's excellent. It now has "dynamic" EQ capabilities and a beautiful and EZ to use graphical interface, well worth demoing (and buying if you can afford it). Software EQ's are far superior to hardware, it's not even close as by default, you are always storing your settings with each track and can have as many instances of, for example, the FF3 on each and every track. With your hardware EQ, you basically have a clumsy choice of only one setting. By clumsy I mean you have to physically connect it with cables and remember settings, etc. Also, DAWS are light-years better than old-school reel to reel tape machines with mixing boards, etc. With DAWS you become free to roam. Say you go on vacation and want to record, mix and Master. Can you easily take your EQ, cables, mixer and tape machine along? If you have a setup like many of us, a big powerful desktop and a small, light mobile laptop, you can have BandLab on both computers and plug-ins like FF3 and just move your song files from one to the other with a USB drive or "The Cloud". Wherever your computer is, you basically have an entire studio with you (remember to bring your audio-interface and maybe a few microphones, guitars, etc). You're gonna love DAWS and will learn of many amazing things you can only do with DAWS, but there's a lot to learn. Don't be intimidated, for help, there are these forums and many excellent tutorial videos on Youtube to show you how to do things. Have fun!