i decided to try this as a Master EQ in my setup.
before i say anything else; this is another very reasonably priced product from Behringer that i think most people who get one will find meets their needs. the build quality is good, it's very light and easy to set up.
however, i've decided not to keep it in my setup because, as another reviewer noted; it seems to need quite a lot of gain to get working, and if you don't usually have a 'hot' output (like myself, i keep things fairly low until the very end where i turn it up) you're going to find you need to turn the channel inputs up more-or-less fully to get a decent level, which will definitely add noise to your sound (with nothing going on you'll hear a pretty loud hissing sound, which is absorbed when you've got sound, but it won't be contributing anything good to it).
honestly, though; i'm not willing to write this off as a bad product, it isn't.
my guess is, if you're a live sound guy/girl/unicorn who's dealing mainly with bands you'll find it useful, especially given the Feedback Quantisation feature which i would imagine is handy almost every time..
despite how light it is (and it's *very* light), the usual Behringer build quality applies, which for the price is great. the other choices in this category don't seem to hold any real advantage over the Ultragraph, and for the most part they cost more. even though in the end i'm not going to keep it, i think that's mainly because this type of EQ isn't right for my purposes (i use Bitwig to produce, and it has a choice of four EQ's that fit in with my workflow much better; i wanted to try a physical unit out to see if there were any advantages).
overall though; not a bad investment for the price, particularly if you're on a tight budget.