There is no need for internet based licensing at all if you put the license on a standard USB stick. On the whole, I really like their licensing scheme. One time I forgot my USB stick at home and I could activate online (once per year limit unless you later retrieve the original USB license). Pretty slick.
H-Delay, Puigtech EQs, L2, IR-L (with its useful 5GB impulse library), Maxxbass and the Renaissance stuff are staples of almost every project I have and I have plenty of FabFilter and other plugs too. It's true there are some in there that I wouldn't really use. But there are also some in there that are quite unique (Maxxbass and Doppler for instance). Whether it's worth the money is up to you.