yeah, i had the MK I, freaking hated that just to hear a synth or a drum machine i had to had my pc on, went to a MK II. i've never played with the w
eq setting/save spot stuff. i'm mostly bedroom and small gigs. listen to your guy.
...... goofy term or not
The MKII units doesn't have any EQ.
MNAirHead : I use a 828MKIII for our trio's IEM , once the presets are done , one button touch and your mix is done.
I had a 828MKII before that , it will get the same job done BUT doesn't have any EQ or comp or reverb. If all of your signals are very good , you can get away with no EQ but it's very usefull to have some at hand. You never know when that dreadfull drummer who doesn't know how to tune a drum will join in.

And the MKIII's EQ are sublime.
Your problem could be with preamps. how many microphone do you have ? If you don't want to carry external microphone preamps and want to use MOTU's preamp you have to know that:
The microlite MKIII has 2 recallable preamp
The 828 MKIII has 2 recallable preamp
The Traveler MKIII has 4 recallable preamp
The 896 MKIII has 8 recallable preamp
Worth mentioning that the 8pre is Cuemix , it's not CuemixFX , so no EQ/comp/reverb. The 8pre is like all the MKII units.