Hey Mesh! I did download all of the freebies and there is a ton of material. Some good, some ...meh... as you would expect. The really great thing about Alchemy that no other synth does quite the same way is that every initial preset/sound/setting is like a playground to experiment in. If you don't like something there are an infinite number of ways to change it or shake it up. Import an audio file, superimpose that, change multiple settings and save those as snapshots to the remix pad. I love it - and agree completely with you that you can get lost (and maybe never find your way home!) just delving deeper and deeper into the beast. (I am reading Stephen King's "Lisey's Story" at the moment and keep making a comparison to the pool in Boo'ya Moon - if you happen to be a King fan.)
Jeff - good insight as well and thank you. I am going to take a look at the sound sets and pick up one or two and then see what comes around in a sale later on. I agree about the spectral synthesis aspect of Alchemy not being in the same league as Iris'. That was my original reason for being interested in Iris, then Alchemy - but to be honest I still can't tweak anything really exciting out of Iris (demo) that I can't get in a far more interesting way out of Alchemy by other means.
I purchased Alchemy and Blade recently and AAS's Chromophore not too long ago, as well as several other non-synth things. So not regretting the decision to pass on Iris at least for now. Hope it serves you well if you take the plunge.
Best regards,