It seems like I am a little old school. I like analog gear, I want my daughter home by 10 o'clock, we all eat dinner together in my family, and when I equalize a track I globally dial or subtract frequencies until I find something that fits. Lately, however, with the help of some frequency dependent compression tools -- notably Waves C6 and C4 plugins -- I've begun to do things a little differently. Now I'll usually use these tools for a sub mix, the overall mix, or even a multi buss situation. These days, I'm finding that these compressors also work great on vocals, guitars, horns, strings -- basically any instrument whose tonal center and equalization is dependent on the pitch or amplitude of the note or notes being played. Since you're able to compress certain frequencies at a variety of different thresholds, you get a compressor that reacts to the sonic material it receives in real time. For example, you may have a singer whose natural frequency output in the low register is bumping the low mids. With a frequency dependent compressor, you can attack those frequencies only in that section of the singer's voice. As the singer switches to higher register, the compressor will let go of those frequencies and attack other frequencies that you may have set for the higher register. So, how does this help? Well, the real time adjustment of the frequency's amplitude can do an amazing job of keeping a vocal sounding consistent in a mix from the standpoint of equalization . It takes some analysis of the program material you are recording, but it works well on almost anything. With a little experimentation and some time you might like this technique as much as I do.
my live board with waves built in (sd8) calls this "dynamic eq".
It's called a multiband compressor and surely this aren't that new. Might be better heading this as compression rather than equalization