iQ Series Eq Settings: "None" vs "Live"


I've always set the eq settings on my iQ tops and subs to "None" because I think it would be flat giving me more precise control from my X32 mixer. Having said that, what exactly does the "Live" setting do?  What frequencies does it boost/cut?  Should I consider it for indoor/live performances?

I'm not near my PA otherwise I would try A/B the settings so I was hoping to get some real-world feedback.