i've used a real parametric EQ for my PA system for years now.
it does sound better, mainly because it forces you to mix with your ears, not your eyes. too many people just grab sliders on the graphic and "sculpt" them into a curve that they expect to sound good, without even listening as they do so.
with a parametric, you have to actually listen for, find, and get rid of bad frequencies, which you can do with precision and without affecting the sound around the trouble spots. (unless you want to, by widening the bandwidth.)
done properly, you'll be surprised how much of the sound you can just leave alone. with my system, most of the parametric's 5 bands are usually bypassed!
the rane PE17 is a good EQ that can be scored used for a couple hundred bucks.
(it's totally overkill for an electric bass, but can be a lifesaver on an upright, where it can surgically kill feedback without carving up the tone.)