Update for anyone else thinking about buying into this deal.
I purchased, downloaded and installed IR-1 and went to check out the 100 or so IR files. Nowhere to be found. Checked back at the Waves site, download page, and there they were ... requiring a separate download. Mucho data (a zip file that is too big for a single-density DVD). But the number and variety of acoustic spaces represented are very impressive.
The question is: is this download sitting there available for anyone, or does it just show up for customers who have bought IR-1? If the former, then I just wasted 65 bucks. I would have been happy just using the IR library with IR-L, which I already had.