Open a midi channel with an instrument
Insert an audio effect like Saturator to a return channel
Send 100% of signal to it from the midi channel
Play, and try to arm/disarm the track (or switch between Auto and Off in the Monitoring section)
Sounds different!
Armed/monitor on Auto sound ill, while Disarmed/monitor Off sound good.
Furthermore weird: Now, if you open an audio track, DISACTIVATE its audio out (to the master, naturaly) so we don't even hear it, and route the midi channel's audio to its input, the sound is always good from the midi channel - route a different audio input channel to our "dummy" audio channel - sound turns ill again! (when the midi chan is on Arm/Auto).
This really hurts working with effects channels, as you can't really monitor your result while you're working on a sound, especially when you record automation, and you must arm the track.
....what's going on....?