Graphical EQs are most often used in a live setting to ring out a room, ie. compensate for resonances and null points. I can't remember when I saw one in a recording studio, or a major one, anyway.
If you think about it, there is a good reason most studio engineers don't have a graphic eq in their rig - the quality is usually just not there. Think of a typical 32 band graphic EQ. Think of a typical parametric - 3 bands. If they both cost the same, which has better components? And more important, which has more control? Trick question. 16 bands per side seems like plenty of control, but only if those 16 points match up to one of your problem frequencies. Otherwise, they are useless. You don't have control of the slope of the EQ, or the frequency. Or variable filters, which are (for me, anyway), the most useful EQ tool.
because sometimes a graphical EQ is not the tool I need... Bill was being nice - a graphic EQ is a tool few studio engineers use or need. The most use I got out of one was having it in a house system but not engaged. A promoter at an after hours club in NYC I did sound for would come by and tweak it so the system would "sound better." After a couple of months he finally realized it wasn't doing anything. After that, he didn't bother me anymore with his suggestions.