Got the unit and now have to read up on it. Came with the record and microphone. When I get the time, I may play around and see what the mic tells me. Since I am recording LP's on my Teac 4 track, may be a nice addition for playback from the deck.
It can always be an interesting (and usually eye opening) exercise to measure the frequency response of your room, so this could be a fun toy to play with from that perspective.
However if you are recording LPs to RtR tape you are obviously concerned with SQ. Given that these units are not only built around op-amps, but very early op-amps at that, my brain. is flashing "Danger Will Robinson". From a purely intellectual standpoint I would be very worried that the circuits in this until will cause more damage than improvements to the signal. Realize that this unit pretty much predates the rise of "High End" equipment and while it may have sounded just fine in 1970s mass market systems, a modern high resolution system could very well expose a lot of signal degradation that was not resolvable in systems of yesteryear.
But I have been around this hobby long enough to know that logic sometime just does not rule the day. I think Bill has the right idea that you will need to throw it in your system and just decide for yourself if the pros ourweigh the cons. Either way I would highly recommend that you do not use it to EQ any signals before they get to tape. If you EQ the input signal, the effect of that box can never be undone. If you record strait in and EQ only on the playback side you will always have a clean signal to work with if you later decide it need less processing.
and FWIW, I have ownedmany different types of signal processing "boxes" over the years and the better my system got over time, the less I found I wanted to use them, to the point when now not a single one is still in my main system