Equilibrium is a
very full-featured EQ. The only product I know with as many bells and whistles (and comparably priced) is Fabfilter Pro-Q. There are therefore going to be a few specific features that, if you want them, will require purchasing Equilibrium.
However, the features that these expensive EQs offer that Cakewalk's LP-EQ
don't have are pretty esoteric and arguably non-essential (e.g. Equilibrium's ability to display a spectral view of another track). The bread 'n butter features are all in LP-EQ: all the essential filter shapes, left/right/stereo/mid-side assignment, band solo, superimposed spectrum (pre, post or both), makeup gain, more than enough bands, clean easy-to-use UI. Sonically, LP-EQ is the equal to any of the best EQs out there.
Do you have a specific feature in mind?