I would say the that for
Mike Elephant is an excellent limiter and because he is using it the way he is then the differences are subtle and therefore the extra expense into Xenon is probably not warranted.
But I seriously doubt that he has tried
all types of program material and it also depends how hard one is pushing things as to what the differences might be. It is all still a bit meaningless because we have still not talked about average levels yet and what the Input control has been set at.
Let me explain. Supposing I am working at a K-14 ref level where the average rms value of the music is say -14 dB FS. Now a typical commercial hard hitting Hip Hop album for example might reach say an average level of K-7 dB FS. So we need to add 7dB. I typically add 7 dB of gain with the Input control on Xenon in order to get the music up another 7 dB. This is where the client expects it to be. The output of the music will be VERY loud and the waveform will be pretty squared off.
So
Mike you need to get your hands on a very aggressive Hip Hop mix
(unmastered) say and add the required gain to the signal using both limiters to achieve a final output of -7dB rms on average. How do you measure that? Well this is where K metering can come into play. Except that you reset the cal level to K-7 and you need some sort of VU meter in the system to show you a 0 dBu deflection on average with the music outputs from both limiters.
It is then that you might start to find some major differences in how they sound and how they operate. Any limiter may sound as good as Xenon doing lighter limiting duties but really drive them hard and see what comes out. I would be pretty surprised if Elephant sounds as good under those sort of conditions. If it does then I agree there is a great limiter out there that can do it for half the price. But I have found many limiters fall apart under these conditions and that is a situation where Xenon really shines. It is also then that the Xenon controls come to your aid.
To finish off though even if Xenon does out perform Elephant under severe limiting conditions if you are not doing that then that is also another reason to stick with what you have got. You may be happy with achieving a lower final rms level in the end and that is great. Personally I hate the fact that we have to match the sort of levels that mastering clients expect but that is just one of the things you have to deal with if you do a lot of professional mastering.