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Pretty much what it says in the topic... executing a note cut in a VRC channel will reset the volume to F. This happens on the squares as well as the sawtooth.
Sorry if it's reported/known -- I can't be the first guy to notice -- but I didn't see it documented anywhere.
While we're on the subject, volume commands in the VRC channels do nothing if they occur before the first note is played (only tested with sawtooth). I think this may only be noticeable when loading an FTM from disk, not after having entered notes in the editor.