Both.
1. To elaborate, I don't think it's a bad amplifier. I do think that it's a tad underpowered if you use all 4 channels In my past experience, I hit the internal power limiters far before I expected - though that may have been on the 4.2 or 4.3 rather than the 4.5.
2. 5 parametric bands is "fine", but this speaker was explicitly designed with extensive DSP correction in mind including high slope crossovers, several bands of output channel EQ, and ideally some additional input EQ to polish everything off. I ended up using about 6-7 bands on average using the DCX processor just for the output EQ and then more input EQ to work across the crossover regions. I really like the limiters on the PLD, it's ridiculous to me that all "DSP" amplifiers don't have a combined short and long term limiter.
What I will add is that if you're already going to shell out ~2100 USD for a PLD 4.5, you should maybe consider getting a used PLM20000Q from Clair for 3200 USD. It's got an output stage with 197V of output swing, plenty of output current, and the Lake DSP is integrated. From what I hear about the 4.5's reliability, the used PLM is probably of similar constitution and now has the 5 year warranty to back that up.
