I am representing a seller in an attempted short sale. BofA has had me register with Equator. Seems to be a good portal for communications between the bank and me on the process. Hope the bank can make a quick turnaround on an accepted offer. As for Equator -- they seem to want to sell me all sorts of zip codes and premium features (like picture display, bio, etc.), as well a qualification program...not sure any of that is worth it or if banks are going to designate me as their short sale representative. I know in my case, the listing representation originated with the seller.
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Equator is a great tool, and does make the process a little more transparent. I agree with Bryant on the 'extra' services. One thing you should know is that they are quite serious about their time frames on tasks. Make sure you complete them on time! If for any reason you can't, message your negotiator.
Equator is awesome. Most of the bigger lenders are using it now so learn the system. Start by joining the Equator group on this site http://shortsalesuperstars.com/group/reotrans
I wouldn't spend any money on zip codes or extras unless you are interested in REO listings.