Does anyone have links to a better design than the usual V-I limiter?  I think the V-I limiter would degrade the sound of a guitar very much.  First, even in an ideal simulation you can see it cuts off the tops of the signal, making distortion that is obvious.  In the real world the V-I limiter would also cause DC imbalance because the components that limit the positive peaks are going to be different than the negative simply because of part-to-part tolerance variation.  Also in the real world the music signals are not symmetrical sine waves that would clip evenly.  Instead the positive peaks of the music signal might be very narrow while the bottoms are wider.  So you might only limit the positive peaks, thus causing another source of DC imbalance.  The DC imbalance is not good for the speaker, so the supply will be affected, and this will lead to further degradation of the limiting. 

I also don't like the idea of the V-I limiter because you have two control loops fighting for control of the signal (the global negative feedback versus the local control of the limiter).  It seems like timing problems will arise during transitions (into & out of limiting).

So is there a better method?