Actually, Lambda is proportional to AFR. EQ is inversely proportional to AFR.
Lambda is the ratio of AFR/AFR Stoich - EQ is 1/Lambda. Lambda > 1 is lean; EQ > 1 is rich.
Having EQ reported as Lambda is completely wrong.
I'm assuming this hasn't been caught earlier because everyone has been using the AFR PID for tuning.
See http://en.wikipedia.org/wiki/Air-fuel_ratio