Josep just pointed me to a post by one of the moderators on HowardForums. There you can see a screenshot of a new BlackBerry Media Player options screen with an equalizer option!!! I have been waiting for this for ages and I guess they have finally answered.
I hope this means that RIM is finally treating the media player as something more than just a tack on marketing application. This is a step in the right direction if this pans out.
Check out the thread on HowardForums to see for yourself