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IMHO if the software can get close to the sound and algo's of the 480L and PCM70, there really won't be a need for the hardware anymore. For my base setting, I use a preset cooked up by Rob Elliot. I currently prefer it to all other reverbs for VSL strings. Note to everyone: EOS does a great Lexicon-style imitation for just $60. It was liberating to find this great plugin. It's good to see someone else besides myself who thinks highly of Aether. I think the PCM 92 might be interesting for some on this forum.
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The software is pretty pricey but it might be worth it if you don't already have the hardware. However you can get multiple, multiple instances with the plugin. But he believes the hardware sounds slightly better. Regarding the new Lex plugins, the developer of both the PCM 96 and the new plugin sez that it is identical algorithms. Now that Logic 9.0.1 is out and has the latency issues fixed with external hardware I might re-visit this at some point. I no longer choose to use the FW interface to do the audio interface. I use FW to control the software, but hardware to do the i/o. Well, I'm integrating a PCM96 surround via dig i/o's from my interface. Looking forward to seeing this and the virtual reverb race it will probably inspire. I'm curious how efficient such a rich Lexicon circuit would be to emulate in the computer-based production. Casey from Bricasti Designs did mention however that his own M7 algorithm would essentially take 5 DSP accel cards to run. If Lexicon nails their signature sound in an algorithm it would be no-brainer. I like the clarity and the chaotic reflections achieved by good algorithms. There is a subtle but noticeable difference between convolution vs algorithm-based reverb. (This works equally well with hardware reverbs). Because all the computers are being monitored in real time through a 16 channel mixing bus there is not need to add to latency by additionally sending the signal back into the DAW. Basically we're talking about a Macbook running Plogue Bidule and five Aether instances set at 100% wet and the dry daw instruments sending signal via bussing. Lately I've been experimenting with a remote algorithmic reverb setup.
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This is great news! Thanks for the heads up.