Just tried the PDC-test set (got from Rapidshare - TY).
It does indeed show that with Delay Compensation activated the two tracks (Normal and Latency) to not cancel.
Delete the FabFilter Q (high latency) plug and they do cancel.
Turn off Delay Compensation.. they do cancel.
Holy Frak.... essential to know.
I had encounterd this discrepancy between Delay Compensated audio and not compensated automation... using Motu Ethno (with Convolution verb on).. but dismissed it as an Ethno thing (one among many). I adjusted the automation to work around it and moved on.
I'll keep my ears tuned for this phenomena.