[partconvEQ10~] is a 10 band equalizer abstraction based on minimum-phase FIR filtering and partitioned convolution. Even though it uses a 2048 point FIR filter, it adds no more than a few samples latency to your patch. This is because the energy of the filter kernel is concentrated right at the start (minimum-phase instead of zero-phase). FIR filtering does not suffer from phase distortion.
The low latency makes this EQ suitable for live performance. I use it for microphone correction with -12 to +12 dB range, but it can be used with more extreme amplitude effect as well, to kill frequency bands like it is done in DJ mixers. The help patch has examples of both applications.
Average CPU load of this EQ is modest, ~1% on a regular laptop. However, computing a minimum-phase kernel (done for every filter parameter update) is CPU intensive and causes a short spike in CPU load. Therefore the technique may not be suitable for small platforms like Raspberry Pi. On my 1 GHz core2duo laptop tablet it performs well.
The abstraction uses Pd-extended objects [bsaylor/partconv~], [cyclone/speedlim] and [iemlib/for++].
If you want to read yourself a headache on minimum-phase filtering, here's the background documentation: