Oh yeah, I forgot to re-iterate this to everyone, sorry:

There is a known bug in Beta 11. If you set a specific Q value in the equalizer, it's only working on one of the two channels. (Good catch discovering this one on your own. )

If your Q is set to "auto", you're fine, the only time this is a problem is in Beta 11 and with specified Q values other than "auto".

This bug is fixed in later betas (none of which you folks have seen yet).

I assume this bug goes back to 2.0 beta 3 as well, not certain. If you want to spec Q's, either wait for the next beta release or go back to 1.03 I think.