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1 sounds much fuller and has more bass than 2. But also weird artifacts, mainly in 1. So this is BETA023? Stand alone or DSP? Or 022A VST? And 1 is Slow FIR? Also, in a spectrum recording 2 has less bass - but this filter should not affect bass at all.
I've tried subtracting the two and I hear a quite band 'bumping' sound in the bass, are you using a lower quality setting? Your results are completely different from mine (and I've tested with your preset), so there must be something in your settings that I'm missing.
Could you run the following audio through it and record the result? (And please indicate which is which)
http://www3.zippyshare.com/v/57148215/file.html
I would also be interested in a recording of this with ONLY the Phase Equalizer enabled, everything else off. (Actually, if they are different that would suffice).
Edit: Just tested the VST version, also no real difference.