No Equalizer In Banshee

[Precipitous]

I am running a fresh install of Banshee 2.4.1 in a fresh install of Ubuntu 12.04, and have all of the community extensions installed. When I go to the View menu the Equalizer selection is greyed out. Attempting to launch it by using the keyboard shortcut Ctl+E fails too...

If I launch Banshee via the terminal by running: banshee --debug I see the following (excerpt):

[1 Debug 09:18:23.962] (libbanshee:player) Using system (gst-plugins-good) equalizer element
[1 Debug 09:18:24.139] Player state change: NotReady -> Ready
[1 Debug 09:18:24.145] Loaded equalizer presets: 0.000269
[1 Debug 09:18:24.155] Selected equalizer: Rock

Does anyone know what is going on? Or at the very least, where "Rock" is being selected as the default setting? I can not find it anywhere in any of the configuration files.

[shmibs]

i can confirm that this issue is present in more than one place. i'm also running 12.04, and have installed from the banshee-team ppa, and am having the exact same issue as above.