Chris,
You and Robbie are doing a great job discussing the pros and cons of EQ and bass traps, so for now I'll add just a little.
> Passive treatement in low frequencies will still leave signficant peaks in amplitude response; it can not eliminate them. <
Correct - neither passive treatment (bass traps)
nor EQ can truly flatten a room's response. But don't be so quick to think that bass traps can't have an enormous affect at low frequencies. At least not, good bass traps.
I regularly see a substantial improvement as low as 40 Hz, and helping even lower is possible. See the review right here that Robbie just published:
http://forums.audioholics.com/forums/showthread.php?p=123984#post123984
If you look at the waterfall plots you'll see a noticeable improvement all the way down to the lowest peak, which looks to be around 35 Hz. The peak level is lowered and the ringing time is also reduced.
Yes, a fair number of traps is needed, but on a cost to benefit ratio of 1) upgrading loudspeakers or buying other "gear" versus 2) spending the same amount on bass traps, I'd say bass traps easily give the larger benefit.
> Perceptual research demonstrates that a peak is of a higher degree of detriment to sound quality as compared to a null of equal magnitude. <
That really isn't true, at least not in the context of bass traps and listening to music in a real-life room. A deep null is arguably far more damaging than a peak, at least when the null aligns with the fundamental or 2nd harmonic of a bass note. This depends on the room and the key of the music, of course. A bass null is typically 20 or more dB deep - 35 dB deep is common - and I promise you this is very audible when the null and music are at the same frequency.
> The effect of room treatment upon low frequency characteristic will be small as compared to the effect that equalization can produce <
I'll argue exactly the opposite. EQ can help to flatten the raw response, but it does nothing for ringing which is at least as damaging as the skewed response (ringing creates the "one note bass" effect). EQ also
adds ringing, as shown in a recent "shootout" I took part in for the AVS forum. We compared exactly what is being discussed here: the efficacy of EQ versus bass traps. For the EQ part of the tests a pro acoustician made the adjustments, and the result was perhaps flatter than without EQ, but the EQ added substantial low frequency ringing to the system.
--Ethan