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Overlap-add FFT filtering
Currently the octave spectrum uses IIR filters with decimation to go from one octave to the next. It would be smarter to use FIR instead of IIR filters, since they are more stable to numeric issues, and these FIR filters could be implemented with an overlap-add FFT algorithm for efficiency (keeping the decimation or not, depends on complexity - to be examined).
See http://projects.scipy.org/scipy/attachment/ticket/837/fftfilt.py for a (very basic) scipy implementation.