Whoa, we're actually getting into two different subjects here. First of all, the bass rolloff switch in most mics is primarily for one single purpose; to eliminate the effects of bass boost due to the proximity effect. It's usually a gentle roll off that starts around 250 to 400 Hz, and just keeps going, rolling off more bass the lower it goes.
Board EQ usually doesn't work that way. You have shelving EQ which drops the signal to a certain level and then keeps everything below that at the same level. Or you have peaking EQ, which is usually some form of sweeping so that it achieves maximum cut at one frequency and then returns to normal below that. Here's a picture that might help:
The red line would be the way a shelving EQ works, in this case, the corner frequency (80Hz) is down 3dB, then the cut drops to -12dB and stays there.
In the case of peaking EQ (the green line) , the 12dB down point is centered at 80Hz, and comes back up to normal on both sides of the center frequency.
The blue line represents a typical proximity filter built into the bass rolloff switch. It starts way higher and just gradually rolls off everything more and more as it goes lower.
Now let's talk about bass power and why it's a good idea to filter some of it out, and the various methods available.
It takes more power from the amp to drive a speaker as the notes get lower in frequency to maintain the same signal level in the room, assuming a perfectly flat speaker. How much more power does it take? This is gonna surprise some of you.
Each octave lower takes DOUBLE the power to maintain the same signal level as the preceding octave.
Let's see how that works out:
Let's say you're putting out 1/2 watt at 20,000 Hz.
You'll need 1 watt to get the same sound level at 10,000 Hz,
2 watts at 5,000 Hz,
4 watts at 2,500 Hz,
8 watts at 1,250
16 watts at 625 Hz,
32 watts at 312 Hz,
64 watts at 156 Hz,
128 watts at 78 Hz,
256 watts at 39 Hz,
and 512 watts at 20 Hz.
Most CDs start rolling off the extreme bass below 30 or 40 Hz, simply because most speakers can't handle those kinds of power levels, and at those very low frequencies, the cones would just kinda flap around in the wind till the woofer's voice coil heats up and they automatically self-destruct.
The range that most people associate with "Wow, listen to that huge bottom end" is usually around 50 to 80Hz. Since most speakers don't really go much below 50Hz, you're just taxing the system and wasting power by trying to boost stuff below that point. That's the purpose of a "subsonic filter".
The other thing to remember is that just because it says you're boosting 80 Hz, the EQ is also boosting frequencies on either side of 80 Hz as well. Start cranking the bass on some channels and you may really be building up "mud" an octave or more above the points you think you're boosting.