I posted that channel EQ/Dynamics question concerning the MC Control ( see: http://www.steinberg.net/forums/viewtopic.php?f=194&t=56196 )on the Avid Artist Forum.
Someone there said that THE CHANNEL EQ/DYNAMICS SECTION ONLY WORKS CORRECTLY WITH PRO TOOLS (see: Channel Compressor Question 2: More MC Control - Avid Pro Audio Community )! 
Can anyone here verify that?