iTunes 7.0 removed the Cmd-1 and Cmd-2 shortcuts to access the iTunes window and the equaliser, for whatever reason. You can add them back in via the Keyboard preference in System Preferences:

• launch System Preferences,
• go to the Keyboard & Mouse preference,
• click on the Keyboard Shortcuts tab,
• hit the + button, pick iTunes as the application, type in “Show Equalizer” as the menu title, and use Cmd-2 for the keyboard shortcut.
• hit the + button, pick iTunes as the application, type in “Hide Equalizer” as the menu title, and use Cmd-2 for the keyboard shortcut.
• hit the + button, pick iTunes as the application, type in “iTunes” as the menu title, and use Cmd-1 for the keyboard shortcut.

Done.