Hi Dave,
Input channel metering is post-processing, pre-fader, but the red Peak indicator is multipoint sensing which means it keeps a check on signal activity throughout the channel path. It lights to warn that the signal is within 5dB of clipping. If it lights before the rest of the meter this means that the signal is peaking earlier in the channel path.
Please also note that iLive meters are fast response digital absolute peak meters. This ensures you keep control and avoid digital clipping of signals including those with very fast dynamics. It does mean the iLive meters may read hotter than those on other consoles you are used to. It is perfectly ok to work with meters reading well into the yellow.
Hope this helps
Nicola
A&H