Ok... I know we've had these a while and I fiddled with them when they were new and watched a video or two.
 
The other day someone was over and I was just grabbing a multi-band to show her how to compress the high-end and boost to add air. I happened to grab the old version and just did my thing, forgetting the new version. I'm still getting used to finding my stuff in the new menus. The trick is to flip between sort by type, sort by vendor, and sort by category until you can find your goods. I kept switching between 1 to the other and not remembering how I got there. Where's my stuff? I'm an idiot.
 
But today I happened across the new LP MB and wow, it's pretty cool. I love the mix setting. I love everything about it.
 
And the LP EQ. Aint that cool. And fun presets to give you ideas.
 
Super tasty morsels from the back of the cupboard.

I think these tools are pretty cool as well, it seems like the bakers put some effort to bring them to us.
 
Based on CPU load it seems that they're working hard.
 
I have to admit I'm not sure of their intended application.
 
What would make you select the LP EQ and MB over all of the other EQ's and Compressors? 

Mostly on the master bus when you are not tracking for polishing purposes.

Typically, "standard" EQ will have a slight delay at a specific frequency being boosted or cut, which causes slight phase issues. However this is also what gives conventional EQ its "character." Linear-phase EQ preserves phase integrity for all signals being processed. Some feel this makes the amount of EQ less obvious, and sounds too neutral. Others welcome the precision for mastering and other processes. So really, it's all about having options...but this means the user has to learn enough about these options to use the right tool for the right job.

You can set the Linear level of the Cakewalk LP EQ to Non-Linear if you want using the Expert settings.
 
This is a link from Fab Filter that talks about LP EQ...
http://www.fabfilter.com/help/pro-q/using/processingmode
 
Here is a video that talks you through it...
https://www.youtube.com/watch?v=efKabAQQsPQ
 
 

great links, gswitz!
worrel is cool... I understand better now. Thanks!