Matt,
Good questions: I had to go digging for the EQ info.
Flat Icon = Flat EQ
Low Cut Icon = -3dB at 180Hz
Low Cut w/ High Boost Icon= -3dB at 180Hz, +6dB at 10KHz
High Boost Icon= +6dB at 10KHz
The Pilot Tone feature works in addition to the normal Squelch functions, very similar to a noise gate. Basically, when it's enabled, there is an additional inaudible tone that is sent over the RF carrier frequency that the receiver "Keys" on and allows the receiver to unlock the AF through the receiver's output. If the receiver loses the Pilot "Key" it will mute it's output, regardless of audio and RF signal strength. The squelch setting is an audio noise gate controlled by the RF input level. If the RF drops below a certain threshold (indicated by the dots beside the RF levels on the display) then the audio is muted.
I'd suggest keeping "Pilot" enabled as it could help you in a noisy RF environment. The only time I recommend disabling is when someone wants to use an older G1 transmitter with a G2/G3 receiver. (G1 didn't have the Pilot feature, so a newer G2/G3 receiver won't see the "Key" that isn't there... Disable the "pilot" on G2/G3 and the receiver will pick up the older G1 signal.)
I hope this helps. Let me know if you have further questions.
Thanks,
Eric
Market Development: Integrated Systems
Sennheiser Electronic Corporation
Owner/"Weekend Warrior"
Loud and Clear Productions, LLC