My office has a pretty loud HVAC system, and it totally kills the low end when I listen with a pair of cheap Apple earbuds.
I took the little SoundFocus hearing test, turned on their EQ, and the difference was pretty pronounced. It killed a bit more high end than I would have liked (seemed to roll off after about 12k), but the lows were definitely spot-on.
I'll probably use this during my commute on the super loud city busses.
edit:
I don't actually suffer from hearing loss. I'm just picky about audio quality (former recording/mixing engineer) and have an unfortunate tendency to spend a lot of time in noisy places.