Don't throw away that old plugin just yet!
The new version (rev. 1) resolves the "added clipping" problem, but the panning is bad. The trombones are crammed into the far left again, and there are no options to play with this time.
Hunting Wabbits is 6-channel. What performs the downmixing if Downmix multi-channel isn't checked within XMPlay? DirectSound? Does it sound different? Is the quality different?
A new version of the plugin could possibly incorporate the "Dolby" panning behavior of the old but retain proper channel levels. That seems optimal... By the way, the Dolby setting outputs stereo, for some reason. Maybe it was intended for Pro Logic type stuff.
WinampAC3 seems to have the same panning as the new XMPlay plugin... The old Dolby setting was probably Pro Logic handling which actually resulted in better panning (in some cases?)