Oh, maybe I've missed the point of your grievance towards Waves, but your experience interests me ! Feel free to give me your opinion. I don't know anything about the company policies. I've some of their plugins but it's true I don't use them systematically, and just wondering about the usefulness of this bundle regarding the current price.

OK, forum police, there it is: explicit permission from the OP himself.
 
Waves is not content to sell you a plugin or two, say thanks and move on. No, they want an annuity. It's called the WUP. It's what would, in other industries, be called a maintenance contract. You pay an annual fee and it entitles you to free updates. Sound good? Well...
 
First of all, the updates you're buying in advance are minor revisions over the next year. You are essentially paying for fix releases. You'll have to keep paying for 2 years or more to get a free major release. That's between $10 and $300 per plugin, per year.
 
Now to be fair, Waves products are generally pretty stable. I've no complaints about their quality control. Knowing that, you might be tempted to save your money and simply pass on the WUP. It is optional after all.
 
Be advised that if you don't buy the WUP, there is no way to contact the vendor to ask a question. Go ahead, scan their website for an email support link or customer service telephone number. You do not become privy to that information without buying into the WUP.
 
Without the WUP, and without continually renewing it via ongoing payments, there is no guarantee that the products you bought will continue to work. In fact, past history suggests that there is a high probability that they will in fact stop working.
 
The main source of Waves plugin failures is the paranoid copy-protection scheme. Your license is tied to your hardware, which means if you upgrade your motherboard or disable your network, your Waves products will stop working.
 
Re-authorization will be fairly easy (assuming your DAW is on the internet) most of the time, assuming it works at all (it often takes multiple attempts). You will have to re-authorize your plugins every time you make a change to your DAW hardware. (This, to be fair, is not entirely unique to Waves but it is neither necessary nor commonplace and is a despicable practice.)
 
If you don't know why your license is suddenly no good, you can't ask them without a paid-up WUP. If it's a hardware change you didn't realize affected the license, or maybe you're swapping parts to troubleshoot or test, you might experience repeated license failures. But Waves only allows you to recover a "lost" license twice a year. No one at Waves will explain this to you without the WUP.
 
Sometimes, a major update to a plugin becomes mandatory, usually due to some incompatibility with a new O/S or CPU. Without a paid-up WUP, you'll have to re-purchase the plugin if you want to keep using it after upgrading your DAW. When budgeting for a new computer, be sure to add the cost of buying a WUP contract or re-purchasing all your Waves products.
 
Even if you don't ever upgrade your DAW, Waves may still get you if you dare to buy any new Waves products. In the past, newer versions of Waves plugins have actually made older plugins stop working. Engineered obsolescence is what that's called.
 
The reason is that Waves plugins don't work like all your other VSTs. They run inside a shell. One version of a plugin may not be compatible with the version of the shell that another Waves plugin requires. When that happens, your old plugins no longer work - and good luck backrevving the shell. No other vendor has such problems allowing multiple products to run side-by-side regardless of version.
 
I try to be fair and objective about these matters. My good friends bapu and yorolpal will be along to tell you how great the WUP is, and no, they are not brainwashed Waves lackeys (AFAIK). It's just that they've gotten free plugins because of the WUP. It's true. If you buy one of the big bundles, AND you faithfully pay up year after year, you can sometimes get new products for free - but only if they're added to the bundle you've previously bought. You can get in on this, too, if you've got an extra grand or two to spend (better go for the Mercury bundle, it's only $6300 + $300 (?) a year for the WUP).
 
As for the Musician's bundle specifically, I have only two of the plugins in that bundle (doubler and delay) so I can only comment on those. I won't say they're awful (OK, the display issues on the delay are annoying), but I can tell you that these never get used in my projects anymore. Why? Because I never know if they're going to work, they're not outstanding effects anyway, and because I have better non-Waves alternatives. Doubler in particular was a big disappointment. No other plugin I have can make things sound so bad so consistently.

Well I'm certainly not the forum police, but if I had my say, I'd say that Bit gets to pass go & collect $200.
 
And guess where it won't get spent?  
 
I have the Musician's Bundle II, which was my first Waves purchase. I have since bought some more, but literally cringe at the WUP plan, informally renamed the "WUP your arse' plan.
 
And yet I DID pay the WUP fee just one time & one time only - when they finally went 64 Bit with version 9, and my Musician's Bundle II was out by just 4 days.
 
So I paid it to get them all to 64 bit, but not without some heavy deliberation first.
 
But I refuse to do it again otherwise, merely out of principal.
 
If one or all of my Waves plugs stop working, I'll simply not use them anymore.
 
And if Bitfilipper takes the time to post as much as he did, it's a good idea to listen to what he says, as always.
 
He's a pretty smart cookie!   

Oh Thank you very much BIT for such an explanation ! you have highlighted these three letters (WUP) which I did not understand anything ! Indeed, I still struggle to understand why dear customers who have made ​​the effort to legally buy products must be dependent on a binding and exclusive system in order to continue to enjoy their plugins in case of updates or future development ! ?? I don't know if this WUP system is recent, but I'm not sure it works in favor of a customer loyalty! What they think in the marketing department and customer service quality at Waves?

The only (twice) times I've had to get new plugs due to a major upgrade...I.e. 64 bit or moving from plugs from Ver 6,7,8 all to 9. I have not had to repurchase any individual plug. I simply reWuped the whole lot through one of the discount sellers at a very reasonable fee. Plus those wups were good for two years. But, generally speaking, your plugs will not quit working if you don't reWup. At least none of mine ever have. And I only do it if there is a valid need to do so. I'm currently out of Wup on many of my plugs and they work just fine.

Historically Cake charges what might be deemed as a yearly upgrade and maintanence fee and folks either pay it or just keep using what they have. Plus if you own any of the big WAVES bundles (like Bapsi) you actually do get new, very good plugs added to your bundles just for being still in Wup.

Plus, the new cloud based protection system is easy to use and, at least for me, reliable.

This is not to gainsay Bits opinions...just to offer another long time users experience. YMMV.

Thanks Yorolpal for this interesting clarification. (And the parallell with Cakewalk is true even if they make an effort to put some new tools)
By chance, if you have the plugins of this Musician bundle, I would be curious what is your personal opinion about them.
Thanks again for everybody who has replied to my post !

FWIW, I was rather surprised when my WUP expired to see that they were asking for over $200 to renew it. After all, I don't own that many of their plug-ins - just a couple of bundles like GTR and the CLA compressors and a couple of individual ones I've grabbed on sale. 
 
Had it been under $100, I might have considered. $75 would already be a lot, as far as I'm concerned. Unlike the bigger bundles, the ones I own basically never expand, so they're asking a lot of money for minor updates.
 
So I decided to skip. Anyway, Waves plug-ins tend to be very solid, and work just as well as they always did. 
 
Seeing the $200 bill however caused me to refrain from buying from them again recently. 

Waves plugs are top notch and operate as advertised. Plus, they are pretty thoroughly debugged. In the past they were glitchy with some DAWs. But, by and large, this is well in the past. Another downside, perhaps, is that the plugs in some of the bundles (like you are asking about) are getting a little "long in the tooth"...or, old. However, so is the Fairchild compressor or the 1176, or the LA-2A, etc... And they are still essential studio tools.

As an alternative you should also look at FabFilter plugs. But they will cost you considerably more.

Big Thanks !!

Rain
FWIW, I was rather surprised when my WUP expired to see that they were asking for over $200 to renew it. 

@Rain, most people forget to chose 'Use one one machine only,' that should drop your price down considerably.

I purchased WUP for Mercury last October & it was $205.00 total plus they extended it. I'm good until June 2015.

BTW the cap is lower than stated, plus don't forget you can get lower prices at WavesUniverse.