Other parts of the "where to install" question include:
1) ease of managing plugin updates
2) default folders that some plugin installers give you no choice over
3) what to install (both VST2 and VST3, or just VST3 (if both are provided))
4) what to install (both 32- and 64-bit, or just 64-bit)
5) does the installer create an uninstaller
6) as you mention, Waves (Waves, I hate Waves; you go first
)
The first one is about how many different folders do you want your VSTs install in to. The fewer the better, from a management perspective.
The second is about some installers appearing to give you a choice of installation folder, and do for the VST2 version, but default to C:\PROGRAM FILES\COMMON\VST3 (for 64-bit) for the VST3 version.
For the third, I install both since I have some non-DAW apps that don't support VST3. The downside is that some/most apps other than SONAR (which lets you hide duplicate VST2s from the browser) will show you both, often with no indication of which is which.
For the fourth, I've stopped installing the 32-bit versions and have been deleting most of the existing installs.
For the fifth, I got myself in a little trouble deleting something that had an uninstaller, so I like to be aware.
For WAVES, the best/easiest way is to use Waves Central to move all of your licenses on your old PC back to the Waves Cloud. Then run Waves Central on your new PC to install and authorize the ones you own.
So, what do I have for a VST folder structure?
For SONAR only, I make sure the C:\PROGRAM FILES\CAKEWALK\VSTPLUGINS folder is in the scan list.
For everything, I have C:\PROGRAM FILES\VSTPLUGINS for 64-bit VST2 plugins and I stick with the common default of C:\PROGRAM FILES\COMMON\VST3 for 64-bit VST3 plugins.
I also have Native Instruments Komplete 9 Ultimate. I also let NI do its thing on install, so I need to add C:\PROGRAM FILES\NATIVE INSTRUMENTS\VSTPLUGINS 64 BIT to the scan list.
I suspect that UAD have their own install paths, too.
That's it. I've been able to make that simple structure work. 3 (or 4 for SONAR) folders for VSTs.
That's the easy part. Getting a new DAW up and running smoothly? That's just a little more work.
Good luck!