I know this is an extremely cheap EQ pedal, but I've read good reviews about it? Is it any good, or will I just get what I've paid for - extremely low quality for the extremely low price?
what is the music theory and what does it teach you, like scales, solos, and to build speed???

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I own one. It is a good eq and don't let the price fool ya. but yeah.. I'm sure their is better out there for a steeper price.
I use mine in my effects loop. It sets on top of my amp not on the floor so it doesn't get abused much.
I'm not sure how it would hold up to daily abuse of stomping on it with your foot but it does have a pretty hard plastic cover.
I was wondering about this myself. The fish n chips is 1/3rd the price of the Boss EQ and about half the price of the DOD EQ. Is it worth the investment? I guess for $30 its worth a shot.

How does it compare to the Boss or DOD as far as sound? Are there any major defects with the sound quality of the chips?
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