This has got me thinking about alternatives. There are so many 1176 clones out there, i'm sure something exists that's equal to the Softube FET Compressor, probably less-expensive, and without the iLok.
Yes, the IKM is quite good and purportedly a faithful emulation of the real thing, but like most 1176-class software compressors it's such a faithful replica that it lacks modern bells 'n whistles such as side-chaining, wet/dry mix and lookahead. Stillwell's
Rocket is another widely-admired emulation, but also has minimal features.
Another possible candidate (thanks to djhart's suggestion above) is Minimal Systems'
Punch Evolved ($30). It's an 1176 emulation but with M/S processing added. No external sidechain, lookahead or oversampling though.
If you have Guitar Rig you have a decent 1176 emulation whose compression algorithms were created by Softube. I don't have GR, but the compressor features look nice, with side-chaining and a wet/dry mix knob.
And then of course you have the Pro Channel 76, which is not an option for me as I've abandoned SONAR Xx for 8.5. I'm assuming it's a plain emulation, too, without side-chain, parallel mix option, lookahead or M/S.
Now, if FabFilter would just do an 1176 emulation and load it up with every conceivable bell 'n whistle like they do with everything else...