Ok, but if you get less compression in the low end, then you get more perceived loudness or whatever in the bass, so close enough to an eq from a practical perspective.
You don't get more or less compression in the low end. It's not like a dual band at all. I haven't tested it with bass yet but with guitar it let's you control how the bass frequencies 'trigger' the compression while still applying it to the full signal. Works wonders on chords where it keeps the lows from over triggering the sound when it's set just right for the treble strings. A more even respond across the fretboard. I'm actually not sure how it will react to bass yet, I'll have to build my bassist one to see.