RexRed
I am assuming the eq's are sometimes difernetiated by the words analogue and digital. Digital meaning the LP and analogue meaning the prochannel EQ.
 
Is a digital EQ parametric? Or is that a whole different thing? I know that is probably a naive question. 

 
The terms have become somewhat smudged in recent years, as they are often misused and abused.
"Analog" technically means hardware, with the filters implemented via physical capacitors and inductors. The only analog filters in your computer are part of its power supply.
 
Software EQs are therefore all digital. They cannot be "analog". But that doesn't stop marketers from using the word when describing their non-analog products. When you see "analog" in conjunction with a software EQ, it's being used metaphorically. It may mean that the plugin introduces analog-like phase and harmonic distortion. Or not.
 
"Parametric" means that you have control over all the primary parameters of the filters: frequency, gain and bandwidth. There are both analog and digital parametric equalizers. Most of the equalizers you'll use in your computer qualify as parametric (or "paragraphic", which means essentially the same thing).

BitFlipper, that post was very clarifying.
 
I have two different EQ modes in Ozone 5 EQ section.
 
Perhaps you could elaborate a bit on the two different modes.
 
One says it is analogue and the other is digital but as you have said, they are both digital.
 
One is "modeled after analogue EQ" while the other says it is more precise (and I assume more CPU hungry).
When I mouse over each type a help dialogue box appears saying these: 
Analog = Analog-modeled curve shapes with minimum phase response.
Digital = Precise digital filters with customizeable shape and phase response.
 
I really can't notice any difference in both EQs drop down menus, they have the same parameter buttons but I have not AB'd them to tell, I will do some testing.
 
I assume it is maybe how they animate. I need to go back and re watch the prochannel eq videos on youtube. I just always use the "digital" one for (mastering) cutting (brick wall) out anything above and below the hearing range.
 
I have noticed that the EQ in prochannel has different modes too.
 
I really am not seeing a compelling reason to use the LP EQ over the Prochannel EQ.
 
I love the way when I put a high pass filter on my tracks I can hear the difference as the mud from under each track is eliminated for the most part.
 
It is when I am trying to accentuate a certain band in a track that the change can seem a bit too subtle. I am wondering if boosting bands with the LP EQ would be "more precise" especially when I use EQ as an effect to get that "radio mid-range  effect" with my voice?

Yup, even iZotope, for whom I have the utmost respect, is not above blurring the definition of "analog". What they mean is that when you set the equalizer to Analog mode, it attempts to emulate how analog equalizers treat a signal. FWIW I prefer the Digital mode in Ozone, but it doesn't really matter which one you use. Whichever one sounds good to you. As you suspected, there is a slightly higher CPU hit in Analog mode.
 
Don't worry about "precision" with a linear-phase EQ. Technically, a case can be made that LP EQs are more precise, but I can argue the opposite case as well. You'll see some users claiming huge differences, but in reality we're talking very subtle audible differences. In some cases you'll only hear a difference under very specific (and rare) circumstances.