I used the Level button and viewed the audio spectrum through several spectrum analyzers and compared results using the left front channel. With both Gliss EQ and Blue Cat's Audio, the frequency response follows a 3 dB/octave drop off. With Analyzer, the frequency is flat. I then checked the pink noise tests you had sent me a while a go and discovered the same thing. The pink noise test files also follows a 3 dB/octave drop off, but shows as correct in analyzer. My conclusion is that the pink noise and Analyzer are both off by 3 DB/octave slopes, but in opposite directions so that a flat frequency response is the result.
Gliss EQ (and SPAN) allow you to adjust the slope of the frequency response. The default for Gliss EQ is 4.5 db/Octave and I think the default for SPAN is 3 db/octave. The reason is that this helps when mastering to follow the
Flechter-Munson curves. A sound mixer will change the slope of the frequency response and then mix so it looks flat on the screen. In reality, the audio is increasing by 3 dB or more per octave as the frequency decreases. Blue Cat's Frequency analyzer is flat.
I'm wondering if you orginally created flat pink noise files bases on SPAN (and its default setting). This would have resulted in incorrect slopes. If you then calibrated Analyzer to the pink noise it would still be incorrect. This is just a guess, though. Maybe I'm looking at this wrong.
When using the Levels, it would be nice to be able to cycle through speakers using the arrow keys/buttons. It is hard to see the little box when sitting 10' ft from a 24" LCD and I didn't want to turn the projector on.