Rdmitch, you can use it when dialing in the monitors pre-gig by upping the level until you cause the start of feedback and then use the RTA to identify it and dial it out with the GEQ or PEQ. Then you should be able to get some extra headroom on the monitors over a flat setting. Agreed that when it is mid-performance it might be a bit harder to use, but the same principle applies and you can help it to identify where the problem is.
As someone else pointed out, shame you can't have it under each channel PEQ as well, as that is a super tool for tuning the EQ to the instrument / singer and one of the things I really like with the X32 Compact, though their App doesn't have it (Yamaha's does).
Its a really simple thing, but the change of font and a few of the icons makes it much sharper and easier to read on an iPad2 screen (not retina), plus its just that bit classier. Thanks BenO