I'm sorry, I don't buy all this talk of inadequate equipment (I have a small recording studio with good quality Mackie monitors, and it doesn't help much). This album has had the life mastered out of it by some person whose dictionary is missing the word "dynamics".
I think the music may be very good. It's a pity I can't hear it for all the LOUDNESS. Mastering albums like this is like writing in capitals on the Internet. It makes people turn off and stop listening - that is the true reason for all the criticism of the sound on this album. If you don't believe me, fire up a sound editing program and load some tracks from Fly By Night, or even Grace Under Pressure, and then compare the waveform to that of this album. Vapor Trails looks like a series of test tones! It's almost all square: this is not good for the brain! The auditory system needs contrast in order to appreciate music. What if the Mona Lisa had been painted in just one colour? Even Andy Warhol used at least two most of the time...
I have a hunch that Alex, Neil and Geddy are not responsible for what was done. At least, I hope not. I've been a big fan for years, and I'm off to the Manchester gig in October, which I'm sure will be a blast - but I'm afraid I'll never enjoy listening to this album, and ironically, it's probably nothing to do with the quality of their musical efforts.
Update 20 Dec 2007: Just wanted to say that I bought the vinyl version off eBay, and the sound is a lot better than the CD, although it is still clipped and distorted in places. However, it IS good enough for me to listen to it properly, and I was moved to tears, for two reasons. Firstly, the songs are sublimely written and intensely moving, and secondly, I cried for what was done to them. I am so glad that this album is to be remastered, and I will be first in line for the new CD when it's released. I only hope they remix it too, because I feel that mastering was not the only source of audio problems. Summary: this is a WONDERFUL album, but it hasn't been released in a good quality form... yet! We wait with bated breath.