Hey, isn't the Hi EQ a boost/cut, at least on the Hall, Room, Reverse, ModEchoVerb, BlackHole, MangledVerb, TremoloVerb, and DynaVerb algorithms? I mean, 0 is neutral, negative values are cuts, and positive values are boosts, or at least that's what I think is happening. So, running the Hi EQ at 100 would pretty signifcantly boost the high end (I'm not sure how much, but it sounds like at least 10 dB), which could be where that white noise is coming from.
And yeah, the distortion in the MangledVerb can be noisy, but I've never seen a distortion that didn't add some noise. I think a gate would be a great addition to that algorithm.
As for the presets, I'm only slightly more impressed than I've been with the presets on the other Factors. It's not that they're bad, but rather aren't all that useful without some tweaking. Every rig is different, though, and every player, so it's not like I think I could do a better job writing presets. I think the true power and versatility of any of the Factors didn't really become apparent until I started tweaking.
Anyway, glad to hear you're enjoying your Space! And yeah, I agree… there's a ton of stuff here. Think it's going to take me a week to start feeling like I've even scratched the surface!
