Apple Using WaveBurner Logic Pro 7.1 - Manual (Page 34)

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The Lookahead parameter determines how far ahead in time the Multipressor “looks” or
analyzes the input signal, allowing it to react more accurately to volume peaks. Unlike
hardware compressors, using Lookahead does not cause a delay, because the
Multipressor can read the audio file on disk ahead of time, and does not need to
analyze the input signal in real time.
Limiter
The Limiter prevents the audio signal from exceeding a maximum volume level. While a
compressor gradually lowers levels above a threshold, the Limiter uses a fixed limit at
0 dB. The Limiter can help increase the perceived loudness without clipping. This is
achieved by raising the input level against the fixed 0 dB limit with the Gain parameter.
The Limiter also features Lookahead and Release parameters which work similarly to
those found on the Compressor and Multipressor. In addition, it has an Output Level
slider and a Softknee button. The Output Level parameter controls the output volume,
independent of the Gain setting. Activating the Softknee function, as the name
suggests, slightly softens the degree of limiting for signals approaching the 0 dB mark.