It's 32 bands, but not 32 individually configurable bands that I'm seeing. The Waves L3-16 Limiter has 16 bands, but they provide you with 6 that you can really adjust. There's some voodoo behind it all, and it provides a more accurate result, but I wouldn't geek out too much on the number of bands they tout. If the Voxengo only had 8 bands, that would be plenty for most people. The Waves C6 is a masterful MB Compressor, and the Waves L3-16 is a really solid tool for Mastering in the final Limiting stage.
Other features make them quite valuable, such as being able to side-chain trigger any single band in the C6 (I use this on my guitars buss to allow the kick drum to 'duck' the lower mids and mid-bass on guitars, so the guitars can have girth, but not get in the way of the kick drum.
The Waves L3-16 employs the principle of band
priority, meaning that you can adjust which bands will Limit first before others, when slamming a mix hard.