when cmd+g makes it so easy to rack your effects, ableton's "audio effect rack" isn't very useful as a device. one way to use it more effectively is to turn it into a mid-side processor:
- start by dropping an eq into an empty rack
- change the mode to m/s (mode dropbox on the far right side)
- switch to side "s" and hi pass all the frequencies
- duplicate that chain and remove the filter on the side (allow all frequencies to pass again)
- switch to mid "m" and hi pass all the frequencies
- collapse both the eq's, right click the device name, and select "save as default preset"
and that's it! now every time you load in the "audio effect rack" from the device list, you'll load in a very usable m/s processor. useful for if, say, you wanted to compress only the mid of your signal and leave the sides "open":