Hey all, odd bug. sorry for the rambly nature of this post. it's my way of trying to include as many observations as I can!
Long time RB on H140 user, first time RB on iPod. I've set up some rather big EQ settings on my new 5G for it to sound nice and full on my Senn PMX60 headphones (32ohm). I set the EQ and sound as such:
bass: 12db
bass cutoff: 2
treble: 6db
treble cutoff: 1
EQ LS: 16.0db 70hz 0.7Q
EQ precut: -15.0db
(the rest should be default)
so yeah, extreme settings. these phones sound awesome but not without a lot of boosts on the low-end. now for the bug
say I start a song with a large dynamic range, the first 50 seconds are quiet guitar and singing, and then the bass kicks in. for the first (relitavely bassless) part of the song, I can wheel the volume up and down with no difference to the actual playback volume! at least untill 50 secs in when the bass actually starts. it's like the volume change only takes place everytime there's a bit with some bass regardless where it is in the song. say later on in the song, there's a bass pluck ever 3 seconds. I could be turning the volume back and forth in extremes between these plucks, but the actual volume change only happens at that pluck instant. OR, alternately, I can pause and unpause for the same effect, without needing to wait for the next "bass moment".
if I disable the EQ and only use the regular bass and treble settings, this bug is not present and volume changes in realtime as it should. I've tested this with a few songs and restarted a couple times to make sure, it's reproducible I'd say 95% of the time. all my music is in OGG format, if that helps. I doubt the volume/EQ lag is caused by  CPU being stressed as the UI remains responsive and the CPU freq boost relitavely little, compared to if I used all five parametric EQs rather than just the one.
I hope this helps! its almost 3am and I got back fro ma gig a little while ago, so I might sound confusing. I can supply more tests/info if needed.
I'm using saturday's build (26th)
great work on rockbox!