Master Effects and Master EQ are the last two devices the signal goes through before returning to the analog domain (the stereo audio L&R outputs). These are applied to the overall signal (that is the purpose).
The Master Effects are 8 algorithms: Control Delay, Vintage Distortion, Multi-band Compressor, (Frequency) Isolator, Dynamic Filter, Ring Modulator, Slice (pan effect) and Lo-Fi (sample rate/resolution vary). These were chosen from the 116 Dual Insertion Effect algorithms (so if you want to apply them to an individual PART you can find them within the Insertion A and Insertion B processors). Applied here these Master Effects can add some overall effects – these are sometimes called “DJ-effects” because, much like a DJ, anything that they add to a recording is post everything – added to the entire stereo final output.
The Master EQ is very last item before the outputs and is for tailoring the mix for the current environment. Each room is different, each speaker system is different…the Master EQ is a powerful 5-band digital EQ on the grade of Yamaha’s best studio DEQ’s.