When Wave lab 5 stopped running in W7 64 bit I bought Elements for $99 CAN in a music store. I then bought the Dongle for $30 to avoid having to get a new numbers everytime I changed my computer.
I use it every day and cannot say anything more than I don't see working without it.
It's solid as a rock and all you really need. The fancy version has more plug ins. Wave lab uses most of Sonars plug ins, so for me I have more than enough to work with. The biggest asset is the Global analyzer which I could not live without now. I also have it in the Tools menu of Sonar so can quickly open a track and work in a much more user friendly environment.
Only other software I need is Gold Wave just for the Batch conversion to MP3. Wave Lab is like Sonar and you need a 3rd party encoder. It came free with Gold Wave.