If the equalization is done to a digital stream, from a Cd transport, and before it is decoded, it can be pretty clean.
If the analog signal is digitalized and decoded just to EQ it, maybe not so great.
For a CD setup where you have a DAC, then adding in a device like the Behringer DEQ2496 and adjusting the EQ, probably would do no harm, and could offer benefits.
For a standard mid fi system, an analog EQ device might be acceptable. For most high end systems, an analog EQ device would add far to much grunge to be acceptable