Cool. How many bands and what crossover points between them?
As mentioned, using a multiband compressor you are basically dynamically EQing using an EQ with the same number of bands as the compressor. Since most multiband compressors typically use 3 to 5 bands, that's essentially like a 3 or 5 band EQ, but with the gain of each band dynamically controlled.
The Voxengo Soniformer is an interesting and unique tool I use which is essentially an extreme multi-band compressor which splits the frequency spectrum into 32 bands and controls each separately before recombining them. With so many bands, it uses a different curve based interface to keep settings under control, essentially helping one to use smoother EQ compression curves across all bands even through each band is acting in isolation, limiting settings with greatly varying (and often more problematic dissonant) band to band differences. I find it very useful for problematic live recordings, and also for subtle low-level detail enhancement similar to parallel-compression, but it does takes a bit of time to get familiar with and figure out the interface-
http://www.voxengo.com/product/soniformer/