Thanks for checking this out Danny.
Here's a recipe that seems to show the problem most of the time on my system using what I think are stock plugs with any UAD system:
Start a blank project
Add one audio track, add one bus as an aux send from the audio track, and put some audio in the track.
Add Realverb to the aux send, hit play to hear the beautiful room-like ambience it provides.
Put a legacy 1176 plugin in the track fx bin, hit play.
Copy the 1176 to the second slot in the fx bin, hit play.
If necessary, copy the 1176 again, hit play.
What I am seeing is that the Realverb stops processing the sound (but still passes audio, and it's phasey so I think it is not latency-compensated) after one to three 1176 instances. It doesn't happen with every instance, but it eventually happens every time I test it.
The same thing happens with current UAD effects. Copying the 1176 is just a convenience, the same error happens with new instances.
This doesn't happen in Cubase (which has some big differences in the audio engine from Sonar) or Samplitude (whose audio engine is relatively more similar to Sonar's, I think).
If you don't see any problems from this, I may have to come back with my hat in my hands, and then eat it... I can't think of what could be amiss with my system though..