Look at the image and see what it is doing to it. eg Highlights. - noisy mushy ugly stuff.
Maybe the difference is the material we're working with, or maybe it's the difference between NTSC and PAL, but I've never seen that result when using the Broadcast Safe filter. All it does is bring down what's over the top. The effect has always been very subtle and, as you claim with Levels, very hard to tell any difference. Sometimes I have to go into the WFM just to find out what part of the image is being affected. And unless you saw the original for comparison, you'd never know the scene had the effect.