Transform your tracks with this MS to Stereo EQ and Compressor
As its name suggests, this VST plug-in encodes standard stereo signals to mid/side frequencies. You can then add compression and EQ effects to each channel, as well as adjusting volume and pan settings. The signal is then automatically converted back to left/right stereo for monitoring purposes.
This plug-in helps you to correct the stereo image and the sound ambience of a track, or to add effects to the signal of a particular instruments (for example, drums, vocal, narration, etc) on a M/S basis.
This is a particularly handy tool for tweaking the ambience of a track and more.