Hmmm....I'm not sure if I understand the premise here. An EQ is (generally) not a dynamic effect...that is, it does not change what it's doing in response to a variable (like level on a compressor) so a side-chain doesn't make much sense for it.
What Kenneth is describing is a super-cool classic method for emulating a multiband compressor by using busses. While it's certainly been done before, there are really only a few situations where I'd want to do it that way:
1. if I wanted a different compressor on each frequency range, like a '76 on the mids and a TLA-100 on the lows
2. If I had a situation were each frequency band on a multiband needed a discreet side-chain input.
3. if I didn't have an actual multiband compressor.
In any case, without a variable driving a parameter on an EQ I'm not sure I understand what a side chain would do....the concept of a dynamic EQ is kinda interesting (pulling down a frequency in response to that frequencies level), but that really is pretty much what a multiband comp does.
Dean
EDIT: Heh....Bit beat me to it...