I am not concerned (at the moment) with the quality of the Broadcast Safe effect. If it isn't any good it should be fixed. I just don't think that the Levels effect should automatically limit the range.
If I had the images side by side I could tell the difference without a WFM. Or, at least, I can when I turn the effect on and off. It can be tough on certain frames, but it all comes down to what you ask the program to do. I didn't ask it to limit my IRE. I asked it to let me manually adjust my levels and until I actually change something, it should leave well enough alone.
If I want is Broadcast Safe, I will ask the program to do that.