The "Flip all bands" command in ReaEQ, only takes effect in the display but NOT in the actual EQ. That means the graph flips the EQ curve but the actual EQ procession still remains in its old state (until you tweak each band).
P.S. Wonder why no one hasn't found out THIS bug yet (since people were requesting this feature, so obviously it hasn't gotten much use
).
FIXED (1.866)