there is sidechain capability in most of the compressors right? DEQ as you're describing it sounds just like a de-esser, just a compressor triggered from a sidechain where the sidechain is filtered to only let through the freq band you want to selectively boost/cut...
It works sort of like a de-esser but it has a different purpose. If you haven't used one, don't approach it like a compressor even though some of the controls are the same. It's very much an EQing tool but more powerful than the conventional static EQs.
We currently have Dynamic Presence and Dynamic Depth in the Amp block which are the same idea, just with limited control. Play with them, they're pretty cool.
Do you want it for amp tone augmentation or for sound design?
Both, but does it matter?
For example:
-You have a tone that breaks up when you dig in. With a DEQ you could alter the character of the overdrive but leave the clean tone untouched.
-You have a tone that's boomy when you're playing down low but cutting low end makes higher notes sound weedy, you could cut the low frequencies only when they are problematic.
-You have an unpleasant overtone but you don't want to just make a blanket cut and leave a hole in the spectrum; ideally you'd only cut when it pokes its head out. Cue the DEQ.
-Have the EQ of your guitar change as you turn up/down the volume - you could use it as a virtual treble bleed for example.
-Take a feed from the vocalist and sidechain that to the DEQ, then when the vocals come in rather than reducing the overall volume of the guitar, reduce just the frequencies that conflict. Or do the same with a bass and the kick drum.
-Plenty of more creative uses that we won't know until people play with one.