Just learnt a lesson on being careful regarding what tracks are armed for recording:
In the old days you chose the track that contained your VSTi of choice, rec' armed it, hit go and played and that was the end of it. Now you have to be a bit more careful.
I shifted some piano midi along the timeline so I could play some intro stuff, played it and then listened back. I was getting much more echo than I was expecting on playback (it's an "ambient" piano). Of course I then started messing with the dry/wet on the delays but it all seemed to be messed up no matter what I did.
I then noticed the audio track that had been recorded along with the midi - it was re-feeding through the FX and doubling the dosage.
Lesson learnt.
Grum.