I have beats. They're good, but mainly for bass. You can find less advertised headphones for less that sound a lot better overall. With Beats, you're mainly buying a brand. But they're not bad, don't get me wrong. But when I go on trips and stuff, I use my Bose or Audio-Techna headphones.
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Agree with others that you can accomplish the same thing with an app giving you eq settings. I think the annoying thing would be savings and remembering the settings, at least after flashing a rom.
I haven't tried it myself (I don't really want the Beats sound, I can set up an EQ myself thank you hehe), nor do I have proper equipment to test if this is indeed working or not. But plenty of more knowledgeable folks than me seem to believe that this file does nothing, and any change is placebo. Well disregarding the bootloops and various issues with video players and other apps at least.