Reply to EQ vs Wattage (portable PA)

I just bought this for small dance parties and barbeques:
http://www.pyleaudio.com/sku/PCMX265...And-Aux-Inputs
Its an all-in-one battery powered PA system. The loudest one Pyle sells with a 12 hour battery life.
It arrived and I realized it has no EQ... lame.
I will definitely want to EQ the mix so as not to piss off neighbors, park patrons, etc. And also for beatboxing. I know there are EQ settings if I am just using an ipod, but sometimes I will be using synthesizers and other tools.

This model has an EQ:
http://www.pyleaudio.com/sku/PCMX260...phone-Included)
The only difference is that the model I have is rated at 400 watts RMS and the one with the EQ is rated only at 200 watts RMS, listed in the manual's specifications, not the product detail. (Calling tomorrow to confirm true wattage) They both are listed at 400 watts peak power. BTW I don't believe I would ever even use the usb/sd card readers.

So the million dollar questions are: Does gaining an EQ justify loosing 200 watts of continuous power PLUS the hassle of returning and buying again? Is 200 watts RMS loud enough? (My 400 watt one is damn loud at half volume indoors, but will that translate outside?) Anyone have any thoughts? Recommend a better all-in-one unit with similar price and size/portability?