You might want to post something here: https://www.facebook.com/PeaveyElectronics
 
They replied pretty quick to my questions.
 
OK, just posted on their Facebook page - shall report back when / if I get a reply!
Cheers
Nigel

Good Luck Nigel!
 
I did get replies back from support and you only need to insert the USB device long enough to start revalver 4 then you can remove the USB device until next time you start revalver 4.  Sometimes I wonder what the F... is going through the developers heads... I must say it seems like one of the dumbest copy protection schemes I have ever seen.
 
Other than the crazy purchase process and copy protection everything else is pretty cool.

I couldn't figure out how to buy it at the $49 price. Keeps wanting to charge me $99.

You need to make a Peavey account first, then you need to register your iii.v serial number. At that point it will now charge you the $49 upgrade price. It was a crazy process for me....

Got it done.  This software is pretty awesome.  I have only gone through the presets and built a couple of rigs for the last hour and I really like the responsiveness and tones.  There is much more than just distortion sounds.  
The amps, speakers, mics, and mic placement options are really good.  This is going to be a lot of fun learning.
I am using the standalone version right now.  
 
Rimshot

Yeah, now that I've calmed down and had a chance to play the Godin session custom through it I am really liking the sounds.
 
I kinda got stuck on a preset called Cascades Triplets from the First Impressions bank as the clean yet slightly spacey sound inspired some actual musical ideas. Definitely worth $49!!! 
 
But the first thing I did was run the stand alone and forgot to put the USB drive in. It tells you it's missing and asks if you want to scan for it again but it will not find it. I have to shut it down through task mgr. and start it again with the USB device in place... This process is going to take some getting use to 

You mean there's a dongle !?!
 
Man, that's a deal breaker for me. I know it's not rational, but really, a dongle!

Depends on how you define dongle. At least it does not have to be an ilok but it requires some sort of usb device to be plugged in when you start Revalver. It does not contain the license but is somehow tied to your peavey account.
 
After it is started you can pull the usb device back out but if you don't have it in place when you start revalver, good luck... Why do they do dumb **** like this....? otherwise, it's a Great amp sim.

I'll try not to rant about this anymore but I found it to be an unexpected disappointment that I allowed to ruin my day and eat a lot of my time in back and forth support emails. Still not finished with support yet but I need to get over it and continue forward...

I know, I took a step back when I read dongle, too, Ampfixer. I don't really want to go down that road. I am really very satisfied with the tones and playability that I am getting out of Amplitube 3 and S-Gear.