Most of us use Ableton Live’s EQ8 instead of EQ3, as it has more control, and less colorization. However, EQ3 is also quite usable. I like the way is smears out frequencies during eq.
One tough thing to get sounding nice is noise used as a snare drum pattern, it’s very effective, but it’s easy that it sounds very harsh and tough. In one project I’m just now finishing with such an accented snare, I ended up using EQ3 (see parameters above).
Just use the 48k setting, the 24k one is usually too rough for EQ work. You could also get nice effects with Automation and EQ3.