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EQing the room - pros & cons

I know there are pro's and con's of EQing your room, but I wanted to get some feedback. I've been moving my monitors around, putting Auralex up (and bass traps), but I don't know if the overall effect of putting in a parametric or graphic EQ (with inherent phase shifts) is overall, better than dealing with frequency inadequacies and having to "learn the room".