The high-quality Linear Phase EQ effect is similar to Channel EQ, sharing the same parameters and eight-band layout. See Channel EQ overview. You can copy settings between them. If you replace Channel EQ with Linear Phase EQ (or vice versa) in the same effect slot, the current settings are automatically transferred to the new EQ.
Linear Phase EQ uses a different underlying technology that preserves the phase of the audio signal. Phase coherency is always maintained, even when you apply extreme EQ curves to the sharpest signal transients.
A further difference between Channel EQ and Linear Phase EQ is that the latter uses a fixed amount of CPU resources, regardless of the number of active bands. Linear Phase EQ also introduces greater amounts of latency.
Note: It is recommended that you use Linear Phase EQ for mastering recorded audio and avoid use when playing software instruments live, for example. You may need to use the latency compensation feature of Logic Pro X when using Linear Phase EQ.