Which platform are you on, and have you also updated PrPro? The last will likely have zero affect here, but is a good idea.
I am using a PC. I just updated from 4 to 5. But I haven't updated CS5.
So, I get the custom visual controls on the other effects...Its strange. Just not the equalizer. I have only 3 adjustmenst for "center, Q, and boost". Did premiere change these controls for some reason ?? ( I have never used them before--just seen them in a tutorial for CS3)