Hmmm

This might not be the full explanation after all. I have just checked my Mk1 (running 2.0b3) and it has clipping problems as well, but doesn't appear to have any strange equaliser settings.

I realise that the fact that I am seeing the problem with both my Mk1 and Mk2a (and that other people are not seeing the problem) points to a problem with my setup, so I shall have to go and investigate what else in my setup could be causing the problems.

Very confusing...