If you have tried a well-known software version of this EQ, you might be underwhelmed. Thankfully, the hardware is in a different league.
I suspect the key factor here is the use of inductors which really thicken up the sound and give it a lovely character (I doubt the UA software version made any attempt to model the inductors).
All factors considered, this is a great sounding EQ and good value too (I liked it enough to buy a second one).
The only downside is it needs 2 slots in your 500 rack but that improves handling I suppose although I would prefer knobs instead of sliders for the gain.