brconflict, i concur!
Anyway, Softube seems not to state clearly exactly which mode does what, but a careful read of their comments would suggest that they have labelled the graphic face-plate obtusely.
From the Softube website... "If you want to squash a drum loop but 'keep the bass drum fairly intact', you can for example use the Keep Low mode."
I have done some quick tests of this plugin just now and found their instruction to be correct, although they could have worded the modes a bit more pertinently; i myself would have written different wording on the graphics face-plate, something like...
1: Hit mostly High freq
2: Hit Full Spectrum
3: Hit mostly low freq
The current wording on it suggests the opposite of what it actually does.
Anyway, it seems my understanding of this plugin was influenced by only 'one' of the 'two' webpages describing the Softube saturation plugin at the Presonus website; they have used more articulate wording showing that it is not a Tape saturation emulation on another of their webpages: strange that Presonus have two different webpages to explain the ins-&-outs of the Softube saturation Knob... I just found this second load of spiel over at the Presonus website as follows... "The Saturation Knob is an easy-to-use, versatile way to add 'tape-saturation-like' distortion to your tracks. The knob controls the amount of saturation, and you can switch between three different distortion characteristics.
With the switch set to Neutral, the entire frequency spectrum of the sound gets distorted when you turn up the Saturation knob. Put it on "Keep High", and the saturation will mainly affect the lower part of the frequency spectrum, while the top end stays clear. With "Keep Low" selected, the low end will retain its clear sound, and only the high-frequency components of the sound will get distorted."
Anyhow, after my own tests i still continue to find this plugin inadequate for the majority of my purposes, it seems to introduce a type of brittle harshness even at the lowest 0.1 setting and yet it doesn't do anything at 0, so it appears that it is more suited to adding aggressive distorted tone when needed, but i definitely have very little use for such an effect.
I would think that the reason Softube gives this away free to Cakewalk, Presonus and Avid for their DAWs is because Softube have deemed it not good enough to sell and that there are 'free' plugins that perform as good and even better, and thus they give it away to these DAW manufacturers to serve a better purpose of free advertising to keep the Softube brand fresh in our minds.
Over at Propellerheads in the "Extension rack" section of their website, there is an official quote from a big-time producer about the Softube offerings which i found quite ridiculous, like the following...
"Softube is so good, after using it the first time, I could speak french. Mainly because I kept saying: Pardon my french, but these plugins are f-ing unbelievable! The FET Compressor in particular is probably the warmest, fattest compressor plugin on the market."
My response to that would be that this guy obviously hasn't used the Slate Digital compressor emulations. Which leads me to ask, is there any such thing as a "Warmest, Fattest compressor"? From what i've heard of Softubes compressors the answer is definitely no! But from what i've heard of Slate Digital, well it really doesn't get any warmer and fatter than that. Slate Digital's compressor emulations are the only ones i would ever dare to call "The warmest, fattest compressor plugins on the market"
Secondly, it's strange how Softube requires 330mbs for a single compressor emulation and Slate Digital only requires 80mbs for what is clearly a superior product. Obviously the world of coding emulation algorithms is a jungle.
I also remember Native Instruments have some of their high-end compressor and EQ plugins provided by Softube and i was not impressed with them at all, and that was 'before' finding-out that they were made by Softube for Native Instruments!