Right John, ol pal.  That's exactly how it's supposed to work:-)
 
And...hopefully...now any new waves plug you buy can simply be installed by itself using the easy install/activate button.
 

Glad to hear most of you were able to upgrade to the new Waves installer, but for me it went horribly wrong.  I ended up having to download the old r29 installer before any of my Waves plugs would work again.  I found helpful troubleshooting info on the Reaper site -- some folks over there are having similar issues.  License management seems to work OK, it's the new plugin installation scheme that causes problems for some.
 
Anyone who hasn't tried Waves Central, be aware that there seem to be some bugs that have yet to be worked out.  Be careful out there, folks!
 
Cheers,
Eddie
 

Thanks Eddie for warning us. Will wait.

There's recently been a some new plugins released which are included the Mercury bundle. On trying to update a Mercury to install these new plugins which were released about 3 days apart complete fail.

The plugins appear in the Mercury bundle
The plugins appear in the appropriate Waves Plugin folder
Don't get added to Sonar.

Fix - delete %appdat% waves audio folder and then reinstall all my waves licences again. All OK. Obviously there's some bugs not so much in a first time install but to update a bundle with newly included plugins.

Awaiting updates.

BassDaddy
But they have pretty pictures of your products now.

Yes they do:)  Actually, Tech Support helped me sort it out.  It was painless, but I had already been using the woli.exe and the Waves License app.
 
Under the Install tab, I selected My Products (they are all listed) and then from that list I added each to the install pane on the right.  I had tried this before with just one plugin, but I didn't know what would happen given that message 'This will uninstall all previous Waves products....' so I aborted.
 
Tech Support confirmed that the install routine would uninstall existing older versions and install new versions of existing products.
 
Installing new plugins and transferring any new licenses, like the one for that freebie TrueVerb, from the Cloud to my laptop works as it did before.  Never had trouble there.
 
Afterwards, I launched SPlat and scanned for plugins.  Done.