It seems you are expecting too much from the SD recorder (and nobody is tellng you that your expectations are unrealistic). It says in the product description in the web site: "Capture was created for live multitrack recording" and "StudioLive Series III digital mixers provide all the advantages of Capture without the computer."
There is no reason to expect or demand any further functionality than exactly what is described and what Capture is designed for. Record and play back, that's all there is and it should not be more in order to keep the effectiveness of this tool. What you want to do needs a computer or some kind of musical "playstation". The Series III mixers are functional tools and not necessarily creative tools.
Hey no matter what you say about a sd recorder, they implemented that in Tascam, Yamaha, Korg, Roland and every other competitor multitrack recording (editing, punching, out looping, and ext.). Just look at my Akai Mpc Live it has so much features with an sd carder recorder. As well as studio live goes for 2500 dollars this mixing board should be automatically mixing itself. Im not expecting anything except, what should've been added to the mixer already or in the first place.
If Presonus can't handle the weight let the users customize the firmware or give us a sdk to add more features, effects and make studio live a ground breaking mixer..... P.S This is not the first mixing board I bought from personus this is my 3rd mixer board......