Tried the workaround - doesn't seem to work for me.
Not that it doesn't do anything, mind you - the noise goes from being "panned" hard right to being present in both monitors and back and forth, according to the buffer size I chose.
I've also tried the VST version in Studio One - simply inserting the synth gets me that loud shrieking noise upon insertion.
To sum it up - I cannot use it
at all, nor Audio Unit, nor VST, not in Logic, not in Cubase, not in Studio One, neither in new projects, neither in older ones.
I'm very disappointed to say the least - I'd understand Cakewalk not having tested the most recent version of OSX, but Snow Leopard isn't exactly new.
No more Cakewalk synths for me until they fix this one, if ever - which sucks because I really wanted to get Rapture.
EDIT - Problem reported to Cakewalk, btw. :)