EQ is short for equalization, i.e. the different frequency bands of the tone control — bass, middle, treble, and sometimes presence, which is the upper midrange. And in this case, I think the EQ controls might be passive rather than active, i.e. that they don't actually boost any frequencies but rather determine to what extent the given frequency range is reduced from the raw output of the preamp section. They don't seem to be doing a whole lot on this device — or at least, such is my impression, but it's always possible that YouTube's compression algorithm ruins the sound, even though I do have a decent set of speakers connected to my computer.
Another thing is that Laney certainly isn't the first company to come out with an amplifier that's small enough to fit on a pedal board — the Andertons channel even has videos on several still recently introduced Victory amplifiers that fit on a pedal board — but in my personal opinion and experience, an analog solid-state amplifier can never give you the warmth and dynamics that a tube amplifier gives you, or that — ironically — a good digital model of a tube amplifier provides. That's why, back in the year 2000, I traded in my solid-state Marshall amplifier for a fully tube-driven one — digital amp modeling wasn't anywhere near usable yet in those days, and analog amp modeling sucked cue balls through a garden hose.
So personally, I'd much rather play through something like the Fender Tone Master series of (digital) amplifiers than through an analog solid-state amplifier. Or something like that HeadRush Prime device as per a couple of posts higher up, connected to an FRFR (full range, flat response
) speaker cabinet, which has a built-in power amplifier, just as what Digital John™
uses for playing live — well, he's not actually using the HeadRush, but he does use a similar device.