100% repro. To reproduce: 1) Add an effect to any track. 2) In the mixer, click on the effect to show the FX window. 3) FX window title will be something like 'VST: ReaEQ (Cockos) - Track 1 "Vocals"' 4) Shift click on the effect in the mixer. Effect is now bypassed. Note that FX window title is not changed. 5) Click the effect again to close the FX window. 6) Click on the effect again to re-open the FX Window. 7) FX window title will be something like 'VST: ReaEQ (Cockos) -- BYPASSED - Track 1 "Vocals"' 8) Shift click on the effect in the mixer. Effect is now active. However the FX window title still shows the "-- BYPASSED" text. Minor, but it caused some minor confusion for me tonight.