If you open a Studio One .song file in an app called TextWrangler on a Mac, you can see the structure of the file, including what plugins should be loaded and how they are adjusted (albeit, that information is encrypted). Much like a Microsoft MSI installer, the file is essentially a structured database for everything about the Song.
On the surface, you think you you might be able to edit inside the Text Editor. But you can't---and probably shouldn't.
That said, would it be possible to provide in this file, a clear-text "settings" for all plugins? Even if you can't edit the file, one could at least read it and perhaps import the settings directly into another Song file.
How would this be beneficial?
1 - If you are mixing a song in a collection of say, 20+ songs on a single album, and you'd like to synchronize the plugins loaded and how they are set across all 20+ songs, being able to export and import this information to all other songs would really speed things up.
2 - If you go from Windows to Mac OS with Studio One and all your plugins, and try to open the same session across the OS platforms, there's always the likelihood a plug-in will not be found (elysia museq master is one, specifically). If I only knew the plug-in settings of the song prior to the move, I could have merely replaced the plug-in and manually copied the settings over.
It would simply be beneficial to dissect a Song file and at the very least copy/paste information into another Song file, even if it's encrypted. Major time-saver!