OK - installed 14.03 (and have the latest AxeEdit), and now when I changed preset using the Preset page in AxeEdit, loud pop (always makes me cringe) and all LEDs on the front panel maxed out - and no sound. I didn't want to try it again and possibly blow a speaker, so I turned the AxeFx off, rebooted after a few seconds, and shut down AxeEdit. I did notice that Axe Edit has started its old trick of reading all the Presets, IRs, etc whenever it's started. I'm going to revert to FW14.01 for now I think. Still seems to be a problem - maybe with 14.03 or its interaction with AxeEdit.
can you reproduce it? If yes, post the preset(s).