It's the same version (the build takes long). Maybe there's a difference in settings? Could it be that you're comparing FM processed (pre/de emphasized) audio with non-FM processed (streaming output for example)?
I loaded up Stereo Tool 9.22 with the Dutch Chocolate Moose FM preset found in the Europe FM menu. I then saved it to a preset file (Save -> All Settings (Export). Then I opened WatchCat and made both of the output profiles (Watchfolder and Drag&Drop) use this new .sts file. So it should be exactly the same settings.
But the output file sounds clearly different on the high end especially. Could it be a bug within WatchCat then?
Tested with Winamp also to see if it sounds the same as in MediaMonkey and it does. So the problem is not with the music player using Stereo Tool DSP.
If it's just on the highs, then I really suspect FM pre-emphasis to be doing something here. Just to make sure: You're not normalizing anything? Sharp highs will get reduced greatly when pre-emphasized clipping is used. (By the way, in general it's probably not a good idea to run files through an FM preset, unless you specifically want to replicate FM sound. I'm pretty sure that we've never tested this with WatchCat).
Edit: I'm also not sure if WatchCat loads the settings with or without FM settings. If without, you would indeed get much brighter highs.
No, not using normalization.
I've only done quick tests but yes it really sounds like it's affecting the highs. I intentionally have used the FM preset to replicate FM sound. It seems WatchCat is leaving out at least the FM settings from the processed file. I would love to see WatchCat create the processed file EXACTLY as it is in the preset file.
Just compared the processed file to the Web Radio version of the preset in question and it now sounds identical. So you can't use the FM presets with WatchCat... didn't know this before now.