I've only used the radio while I was using an FM transmitter, so I had no reason to keep it.
There are applications that emulate equalizers (I can't speak to their quality) if that's what you mean.
I actually considered the XD103, but I originally was planing on putting in a tablet (like the Nexus 7 link) and thought this was the best intermediate step. The main things preventing me from putting in a tablet is how I should mount it and how I'd stop it from getting stolen. Once I figure out those two questions, then I might take this project further.