No problem with it here. I put it on a drum buss and tried all extremes of settings.
From the sounds of it I would say that it is basically a variable frequency, high-pass filter with mix knob.
The fixed-Q setting provides a peak at the cutoff frequency.
You get a peak at the desired frequency then it sharply rolls off everything below that.
Similar to what we can do with the Sonitus or ProChannel EQ.
It does sound good though and will free up the ProChannel EQ for something else.