My $.02: I've been using Waves plug-ins since version 4. woohoo. Well, I can honestly say, they were early in the market, and back when I first discovered them after watching a Mackie d8b seminar and witnessing the Massenberg plug-ins it could use, I jumped on the Waves Q8. I HAD to have that GUI! It was so easy to use, easier than even Yamaha's O2R EQs which I loved dearly at the time.
Now, even though I've seen the crashes and the "sticky" knobs as reported here, I can say, YES they are working on these issues (or at least acknowledge them), and they do claim to work closely together (Cake and Waves). I grabbed Waves bundles when they were on sale. The WUP sucks, but I have seen the light there and understand that after everyone has bought all their plug-ins, sales would otherwise slow. It's nature. Plus, I don't pay for individual plug-in upgrades outside of that. I used to gripe about it.
Waves dumped the iLok. YES!! Although I wish they still gave me that option, I'm happy they don't use iLok anymore. iLok was a great idea, but the people who developed it were too slow to get savvy. They really didn't seem to know what they were doing at times.
Waves plugins are unique, which is what makes them desirable. For example, the PuigChild compressor is not only a modeling of an old Fairchild unit (the ones of which cost lots of $$ to even rent), but Jack Joseph Puig's
specific compressor. Same goes with the NLS Summer, the CLA Classics, etc. Then, the bundles make things easier to buy and use. After all, I almost never use the noise-gate in the Gold bundle, but once in a blue moon, it's there when I need it.
Another example is the CLA-76, which has the black and blue-faced models owned by Chris-Lord-Alge himself. Not that UAD couldn't do a better job, but these are CLA's own. Plus, you get the "all" button, which is fun!
Lastly, if you Master, the L3-16 is amazing. The priority curve it comes with is a near perfect tool for blasting a mix to higher db's It's really good!
NOTE: For using X2 32 and 64-bit, you just need to make sure the 64-Bit Sonar doesn't see the 32-bit plugins. Install those in a place only found by the 32-Bit Waveshell. Get Waves to set this up for you.
If I had to go back and do it all over again, I'd still buy Waves. But I don't think they're any better or worse than what Cakewalk offers, just unique. Just catch them on-sale!