See I absolutely love the inflator. I know in the phoenix topic the inflator was mentioned as a much inferior product, but I use it every single day over here. I paid 129 for it, now it's often on sale for a crazy good price and I recommend it without reservation at those crazy sales prices. You can cleanly increase presence (to a degree, you can't put input at 100% and drive to 100% and expect perfect clarity, so, you know what I mean) and help a sound punch through the mix. The inflator is absolutely NOT something to use on every track like a typical colorful saturator. So to demystify it somewhat, I am not precisely sure how it works under the hood but I DO know at least that it's a saturator.
Some claim it's a simple wave shaper and I find that very strange. I will tell you why. I recently pushed a vocal that was very dynamic, tons of spiky peaks and plenty of lows, lots of range, and I put the Inflator at 100% input and 100% drive, and although it sounded a bit distorted, the resulting wave after bouncing the file kept ALL the dynamics. I offered to send the project with the file to the guy to prove it but then when I did that he stopped replying. A wave shaper would have filled out the wav visually and trimmed the peaks. So I personally believe it's some sort of very mild saturation algorithm that helps increase loudness without increasing digital volume. It's all about what you hear, hence, perceived loudness, hence, why it's a tool you would never use on every track unlike something such as phoenix, but a tool you might use in conjunction with something like phoenix when there's a sound getting buried in the mix.
You can create space for said sound, of course, with tools like Fuser and Neutron Unmask, or manual EQing, but when that's not enough and a particular sound really needs to shine and be present in a mix, that's where Inflator comes in, and for me at least, it works every single time.
PS the person on YouTube claiming it is nothing but a waveshaper was a guy called Paul Third who has a channel pretty much saying why so many plugins are rubbish. I sometimes agree with him, not always or not even often, but that's the channel if you want to check it out.