That is a parametric EQ, and by the reviews I've read a very good one. It's a single band EQ that uses a microprocessor & test tone to sweep the room, find the single worst peak & determine the width and amplitude needed to 'fix' it. The process of measuring it is all digital, but once measured the EQ itself is completely analog.
In a lot of rooms one band is enought to tame the worst bass peak. You can daisy chain multiple units if needs be although much more that two would start to get expensive. I have a unit with a 10 band parametric EQ, but I need only 3 to get my bass fairly flat.
It doesn't obviate the need for room treatment, but in any practical sized room a tad of parametric EQ is usually a good thing, when applied to the bass only. Assuming a fairly transparent X-over & a sub.