I was also holding out on updating and appreciate all the info in this thread. Seeing that it's somewhat of a global problem, Waves should've sent a quick fix/update to this current update without making us jump through hoops to fix it.
At the same time, that Scheps Omni plugin is worth the hoop jumping.  

I love this plug-in so far. It makes things easier for me in Reaper. One thing I wish Waves would do, but it's probably not possible is make it so the insert could use other vsts from different vendors. That would put this over the top for me if I could use some of my other stuff in the omni channel.
 
 

Well in a way you can.  You can create an effects chain with say three insert FX.  The first one being Omni Channel and maybe the first one or two stages.  Followed by the plugin of your choice then followed with another instance of Omni Channel doing the last two or three stages. 
 
In Studio One you can create something like that all on one track and save the entire chain.  Any form of signal routing is possible.  Series or parallel.  Channel Editor to the fore here.  It is just one giant effect then. 

I ran Waves Central again today, and found a new update for Scheps.
 
No problems at all after the update today, so it appears to be fixed now. 

I have also just  run this very latest update and yes I can confirm that it does not break anything. Omni Channel still working fine. Good feeling to know they have followed up with a final update to ensure all versions are working correctly. Waves don't often release a non perfect update. They sorted it well.
 
I must say though that the VU meters in Omni Channel are excellent as far as the ballistic goes. They move incredibly close to the real VU.  Excellent for showing rms level in a very musical manner.  The latest Waves VU meter also has an incredible ballistic. They could have easily incorporated that into Omni Channel.

Thanks for the reassurance guys, much appreciated. I'll go ahead and update.

Hope this also fixes the occasional issue with Waves licensing engine not being found by Studio One. Started happening after an update to the licensing engine a couple of days ago. When it did happen (the first time each day that I started up SO), I had to run Reaper, shut it down and then restart SO. I'll find out tomorrow morning when I restart my PC.

Never experienced anything like that myself, been working fine as always.

Studio One started up just fine this morning, so deleting the "Waves Audio" folder worked wonders!