terminal pharmacy, once i risked my life walking across the rails with bull in the heather pumped on too high volume to hear the train coming....i think the "pilot" of the train (how do you call them??) supposed i was aware of it and did not brake.well,anyhow,something like 3 seconds after i walked off the rails i felt the ground shaking,i turned and i saw the train passing 2 meters away from me...from that day i tend to make "outside" noises "heardable" when i walk/bicycle around...but in a "safe" environment noise cancellation headphones are definitely a good choice...regarding equalization, i happen to love more the sound of many albums on my ipod mini using rock or electronic presets...but i think it's all about personal tastes in that case,i like to pump basses a bit...and 65daysofstatic albums are much better with the electronic preset
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so,i'd suggest to start with no equalization,then check if it can help enjoying your listening experience...that's all folks!