Hi all,
I'm the programmer of apEQ and would like to chime in as a user has informed me about this thread and requested I clear things up.
Overall most things stated above are correct. When using oversampling, apEQ has to use an oversample filter which will result in cutting the very high end. This is an unavoidable thing when it comes to oversampling. This filter is much more steep than what's usually used in D-A converters, so I cannot imagine any speaker system that would make this audible. It is of course visible in an analyzer (also in apEq's own if you zoom in to the extreme right). Said oversampling filter is not phase neutral, apEQ's filters in general are not (yet). I'm thinking about doing a linear-phase version at some point in the future.
In the meantime I added a section to the apEQ manual explaining these facts and am pondering making the oversampler default to off as it is producing quite a lot of confusion and only does improve things in some rare cases. So I think I was a little bit too happy about my shiny oversampler and activated it in too many of the default presets. I'd say if you can't hear any difference leave it off (also saves a big lot of CPU power).
Btw reaper is not to blame as apEQ does report a latency of 0 anyways. These are indeed phase distortions coming from the oversample filter. When oversampling is activated, a non-phase-linear high-cut filter is working which cuts the highest freqs before downsampling.
If you like how apEQ sounds for high freqs with oversampling and still don't want any cutting to happen, I recommend running your host at a higher samplerate and turning off the apeq oversampler.
The problems with dropouts when apEQ is drawing the analyzer do indeed exist, it's just a real lot of drawing that's going on. Things work better with multicore machines and mac os x and for everybody else I'm working on some improvment in that area (possibly updateing the display less often as long as the mouse is outside the window.. we'll see). Right now just deactivate the analyzer if you don't need it.