So am I right in saying S1 has no wave profiler and you can only see buses in the console 

According to the Cakewalk info on the Wave profiler, it is not needed with an ASIO driver.  More than likely you will be running ASIO with Studio One.  And setting up audio interfaces with Studio One is actually pretty easy. 
 
The console will display all tracks, buses and the main stereo buss.  What you can do though is decide what you want to see and what you want to hide.  Which can be handy at times.  There are a form of screen sets for the mixer view for what you are in fact seeing, so you can store the mixer views as presets and call them up quick. 
 
You might have 16 drum tracks feeding a drum buss.  Buses can be set to either all be on the right or allowed to move around so you could have the drum buss right next to the 16 drum tracks.  Then create a mixer view preset that hides all the 16 drum tracks and only shows the drum buss.  Thereby clearing up the mixer view a lot.  Another mixer view preset showing all the 16 drum tracks can then be engaged hence revealing them all in a flash.  Allowing you to edit inserts and sends etc.  Then you could click on the preset that hides them all again. 

I always use a master compression fx on the master buss. It is much work setting this up in S1 and Cubase.

BENT
and you can only see busses in the console 

yes

Oh, what I should add is that, although you cannot see busses in Track View, you can add Buss automation, which is visible in Track View.

I'VE DONE quite a few mixes, using automation on the sub busses rather than the individual tracks.
 
if i've recorded correctly,
and my arrangement skills are 'on',
i can do entire mixes with no automation at all.
 
but i really like automated volume/fader controls!
 

Jeff Evans
According to the Cakewalk info on the Wave profiler, it is not needed with an ASIO driver.  More than likely you will be running ASIO with Studio One.  And setting up audio interfaces with Studio One is actually pretty easy. 
 
The console will display all tracks, buses and the main stereo buss.  What you can do though is decide what you want to see and what you want to hide.  Which can be handy at times.  There are a form of screen sets for the mixer view for what you are in fact seeing, so you can store the mixer views as presets and call them up quick. 
 
You might have 16 drum tracks feeding a drum buss.  Buses can be set to either all be on the right or allowed to move around so you could have the drum buss right next to the 16 drum tracks.  Then create a mixer view preset that hides all the 16 drum tracks and only shows the drum buss.  Thereby clearing up the mixer view a lot.  Another mixer view preset showing all the 16 drum tracks can then be engaged hence revealing them all in a flash.  Allowing you to edit inserts and sends etc.  Then you could click on the preset that hides them all again. 

I've been playing around with SO3 and I'm really liking it. I like the way you can set up different mixer views, open up track folders in the mix view, etc. I'm just finishing up mixing an album in Sonar, and will then transition over to SO3 for mastering. While I like Sonar, I don't want to have to keep my Music Room computer off-line indefinitely.
 
Walt 

Jarsve
I always use a master compression fx on the master buss. It is much work setting this up in S1 and Cubase.

What is hard about it? Select a compressor and insert it in the master buss! Create a chain in the master buss. Save the whole chain as a preset.  Use the splitter in the master buss and create a complex set up using parallel and serial signal paths. Save it is a setup. All very sweet and easy.

Jeff Evans
...
Use the splitter in the master buss
...

 
Did you say splitter? Holy cow, Jeff, you just made my day!

Yes check this out:
 
http://beyondcakewalk.com/forum/showthread.php?tid=448
 
Each channel/track can have a whole complex signal path setup and various Fx and things used in each path. Splitters can be added as many as you want.  Sonar had nothing like this as far as I know.
 
You can also layer and effect many synths too on one track as well.