I don't neccesarily agree that compression should come before eq. Often, you can avoid the compressor becoming overly sensitive to a certain hot frequency by applying eq first, then compression. Both are going to phase shift the signal, but you may find that eq will go a lot farther taming nasty jumps in the sound.
There is nothing that a Graphic eq can do that a Parametric can't, except offer many more bands to cut/boost. But if your source sounds are good, and you recorded them well (good mic placement, etc...) you will not need all those bands to smooth out the sound. In fact, most Parametric eq's can have a narrower Cue (bandwidth, or how far above and below the center frequency the sound will be effected) then a Graphic can. Graphic eq's come in 1/3, 2/3, and full octave Cue's. For tuning a sound system for live applications, a 1/3 octave is more then enough, the systems speakers and/or room acoustics call for no more control then that. But for mixing/recording, you may want to really zero in on a frequency, and Parametrics will usually allow you to narrow the Cue down to around 1/7 of an octave. I have seen one's that would do 1/10 of an octave!
Parametrics tend to be easier to use because once you find the frequency you want to center on, you can use one knob adjust the Cue. With a Grphic, you have to adjust several bands.
Anyway, that is all from me.
Ed
[This message has been edited by sonusman (edited 05-24-2000).]