The only other app I have found that does this is Audio Hijack but I find it often sounds harsh. Turns out Rogue Amoeba don't consider this important - they have acknowledges the issue to me in email but think it's acceptible for the app.
So that leaves Menubus which came out a couple years ago. It works pretty well and sounds great. But then what does Rogue Amoeba do, they hire the Menubus developer who then officially stops development of Menubus.
Sigh.
Sociopathic capitalists suck. Well as long as the last iteration of Menubus works that's fine. I simply can not use Audio Hijack for any serious audio work. Apparently Menubus is for sale... someone should snatch it up and massage it into the great app it has potential to be.