You can EQ each individual track in Audacity. I don't mind it at all, but then I don't mind chives in my mashed potatoes. No, you can't adjust in real time, and the effects aren't great, but as a freebie it gives you more then your money's worth.
Actually, I lied. I've added my own vocal harmonies more then once, and it works great. The effects to add to guitar (flange, fuzz, etc.) kinda blow.