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I have no idea what the Bands setting under Advanced Clipper/Pre-limiter really does. I find it hard to believe there's even a remotely efficient 128 band crossover in existence, but maybe there is. In any case, why stop at 128 bands? I'm playing with 2048 right now. It doesn't appear to affect CPU much if at all, nor does it seem to affect the sound much. Maybe if I drove it harder.
Does anyone know what this setting does, or have any general guidelines for adjusting it?
One thing that might be problematic if you use more bands is that the response will be slower and it cannot detect transients. If you use 2048 bands for example, the only way of doing that is to look at pretty large blocks of audio. The smaller the number of bands, the more it will respond to short bursts. But also the bigger the frequency range gets that's affected, and at some point it may start to sound bad. I haven't had time yet to do more tests with this (although I heard from some people at the IBC today that they found that it works very well, especially on 1980's music if you use very slow compressor settings).