Yeah I'd like to know that too. I play music over headphones and the speakerphone all day long, and sometimes I could really use an Equalizer to improve the sound.
Would definitely kill the need for an extra mp3 player.
Cannot complain too much of the current player though. I put a lot of music on the 8GB microSD. Kind of convenient to have it all in one gadget.
The media player in the 4.5 OS (available now for some models, coming soon for others) has a number of EQ presets ala rock, pop, classical, etc. If you're patient, you'll get EQ for free.