I guess I have hit into the same problem.
I upgrade from V1.3x to V2, but then I found that the equalizer is not working at all.
While playing an MP3 file, I press Alt-G to invoke the equalizer settings, the default shows the :flat: settings (all in middle)
I pull some up/down but the sound doesn't seem to respond to them.
If I click close & alt-G again, the settings all return to middle.
same thing happen if I load the default from the presets list.
On the options-Preference-audio page, I check that the equalizer is ON, so it is possibly be a program bug.
The version I downloaded is v2 build 937.
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