I found this article couple days ago,a nd thought you guys might be interested.
http://www.rhythminmind.net/presetblog/2009/03/digital-eq-fact-myth/
Apparently modelling EQs are the same as regular digital EQs, but with added saturation. And, apparently the reason why emulations wont sound exactly like hardware (other than the fact that there are differences between ahrdware units) is the fact that they don't seem to include phase distortions in the modelling
http://www.rhythminmind.net/presetblog/2009/03/digital-eq-fact-myth/
Apparently modelling EQs are the same as regular digital EQs, but with added saturation. And, apparently the reason why emulations wont sound exactly like hardware (other than the fact that there are differences between ahrdware units) is the fact that they don't seem to include phase distortions in the modelling