First of all, I love the app. I recommend it to all my musician friends who own an iPad or iPhone. I also own GarageBand. But unless you need loops and software instruments, MultiTrack is far better. When I upgraded to an iPhone4 and added a Tascam iM2 the full potential of Multitrack opened up. It's ideal for all singer/songwriter guitarists. Love the ease of use! Love the reverb! Love the parametric EQ!
But there are times I find a graphic EQ a quicker and easier way to deal with EQ issues. How about a 10 band?