I was working on a Windows computer, and using iTunes. I opened the equalizer, and being used to the Mac's Command-M hotkey, tried to minimize it with Control-M. Of course, it didn't do anything ... but I ended up with a mini-equalizer with just the list of presets in a small window.
So I tried this on a Mac by pressing the 'untrustworthy' Zoom button, and it also worked. If you change the equalizer settings often, this could be useful for you.
Mac OS X Hints
http://hints.macworld.com/article.php?story=2006061113523578