Thanks to everyone in the forum - I have learned much about this great tool - which seems to do exactly (well, ALMOST...<g>) what you would want it to do. Now, to give something back...
My interpretation of volume leveling (at least for MP3's):
Single web page that best sums it up: http://www.mediamonkey.com/wiki/index.p ... veling/4.0
Volume LEVELING on RIP to MP3 will alter the file LOSSLESSLY, but IRREVERSIBLY (it does not change the waveform - rather, it just updates the MP3 file with the adjustment value just like MP3Gain, but does NOT write an 'undo' tag like MP3Gain does - hence it is 'irreversible').
Analyze Volume: This analyzes and then just adds tags to the MP3 file (and MM library) for Track and/or Album (configurable) that tell a player (MMonkey or many modern devices) how to play the track back at the 'correct' volume - and is reversible.
In a perfect world (v 5? lol), MM would write that same undo tag like MP3Gain, so it is reversible - then there would be absolutely NO reason to not do album leveling when ripping.
In the meantime, if one wanted the same effect, one could:
- rip w/o leveling
- then MP3Gain it (album mode to preserve relative volume) - to write the reversible volume tag
- then 'analyze volume' in MM (album & track, although the album value will probably be 0 b/c MP3Gain already adjusted it)
Then, if you truly want track-leveled playback, you set the MM Player->Volume leveling prefs ('Level Playback/Sync volume') to 'Track' - then it will play leveled in MM, or adjust the volume as it syncs - but will *not* alter your library.
Hope this helps someone....