just too add...
the meter rate delay deals with all of the bars in the meter, except for the peak one; the peak light is the bar at the very (right) end of the deal. so if you set your peaks to solid/"hold" (no decay), but let your meter rate decay at a "medium" (normal) rate, then the meters will flicker and be pretty responsive, but your peaks will hold as little rectangles, so you can always see where you are... this way, you can check, and if yer peak light is at limit, you need to back off on the levels a touch, if it hits 'em again, then you need to back off again - in my case, when recording @ 24/96, i dont like to see anything over -6db. ever. so if i check and see that -6db has been reached, i know to back off levels a bit. doesnt matter when it happens, i just need to know it happens, so the peak hold works for me...
+t