For what it's worth, I know that "normally" this many bands isn't necessary. However, I was recently in a similar situation on my ipod touch. I have a few IEMs, and using something like "accudio" allows you to make them more "flat" in frequency response by applying an EQ setting that cancels out any bumps or dips that the IEM has in its stock sound signature. I found that I can very easily make any IEM fairly flat by doing the same sort of thing myself with EQ using online graphs of the IEMs. Some IEMs, even when close to flat, still need a bunch of bands because they might only have slight bumps in the treble, but there could be 6 bumps.
The only easy way to cancel the 6 bums in the treble is to use 6 opposing EQ dips. You can imagine, if you want to get very critical and precise, you would want to flatten out every single bump/dip. This could easily get into more than 10 bands... Just a though.