Imho, a digital eq is more like the Swiss Army Knife of the audio world. Some of us will keep admiring and honing it, while others may just use it for emergencies, then stow it away. To date (couple of months) I've done two major tuning sessions. The first was when I had just purchased the deq, so it was interesting that the 2nd tuning led to very similar settings as the first.
I still do lots more tweaking on components (modding/upgrading) and setup (position, room tweaking) than with the dials on my deq

. YMMV!
Regarding cables for the deq, a balanced / unbalanced cabling diagram is provided in the manual. An AES to RCA S/PDIF adapter is basically connectors, cable + resistors, and you can request for info on AA.
Imho, the main caveats about deq are:
- you must be willing to read up
- you cannot just use the built-in measurement s/w; you need higher resolution tools on a pc
- for greatest transparency, use it digital in, digital out, otherwise get the d-a section upgraded