Changes happen as you make them. There's no apply, and then also no need for cancel.
I never knew there was so much "DSP Studio" baggage. I like the name Sound Slice-n-Dice.
Actually there *is* a need for cancel. The options in DSP Studio are quite complex, and a user can accidentally get in a situation where things go strange, and they'd like to back out, and leave things the way they were. This is especially true because (at least on my system) changes *don't* happen as you make them, but a few seconds later as the buffer catches up.
Right now the only way to get rid of the DSP Studio dialog is the close button - which is *not* what most users are trained to expect. Most people expect to exit a dialog via "OK" or "Cancel" (and their associated keyboard shortcuts, Enter and Escape).
I suspect you don't get a lot of comments re DSP Studio because a lot of new users never even go there (can't tell what it does), and the experienced ones have just adapted to it.
Sound Slice & Dice would confuse knowledgeable people who work with computer audio, because a lot of desktop music software does include "beat slicers", which is a very specific function.
Which reminds me, why not support VST plugins in MC12, then you could really "slice & dice"!