Linear Phase EQ (LP EQ) is often used by mastering engineers who want to make transparent EQ changes and sometimes in plugins that need to split the frequency spectrum into bands for processing (such as Multi-band compressors) to avoid phase effects on recombination of the split parts. The Guru shows us two LP EQ options for FL Studio:
Linear Phase EQ Options in FL Studio
The advantage of LP EQ is transparency as phase distortion can smear transients and make some audio sound a little different. Generally LP EQ isn't used for day-to-day music production as it introduces significant latency and can produce 'ringing' effects on very abrupt filter cut points. However, for the times when you need it, nice to know where to go.
You can download the project used in this video here.