I'm trying to clean up some video I shot at a live performance, ideally I would use the EQ effect to enhance certain aspects of the audio. The problem I'm having is I seem to get no noticeable difference when I use the EQ effect, is it a non-functional placeholder? Are my expectations maybe too high for what my result would be?

Also, currently the EQ is a 3-Band equalizer, is there any chance of increasing to 6+ frequency ranges? I'm not sure how hard this would be to implement, any thoughts?

I have not tested yet to answer your first set of questions, but to answer the last... the EQ is provided by LADSPA. You can run 'listplugins' at a console or run an audio tool that works with all LADSPA plugins to explore further. Finally, you can add a simple XML 'effects' file to kdenlive to make the plugin available. I just ran listplugins here, and I see a "C* Eq 10-band equalizer" as well as a "Multiband EQ."