I'm looking into getting an EQ for $200 or less, preferably less. Alloy 2 retails for $150. Pro-Q is a little more expensive, but around the same price.
I like Alloy because of its multi-band transient enhancer. I already have Transient Master from Native Instruments, but it's not multi-band, and that would be convenient for drum tracks.
I really like Pro-Q, and I particularly like the ability to throw on an instant bandpass filter to hear just a section. If Alloy 2 could do that, I'd definitely go for Alloy 2. I have seen no example of Alloy 2 being able to do that.
There may be a less expensive, very flexible EQ that I don't know about.
I'm assuming they're very similar in terms of sound quality.