The previous version (the one which works in Guitar Rig) didn't. I see no mention of iLok in the requirements.
And yes, they're pretty good. If I didn't have CLA's 1176, I'd jump on this one. For $115 it's quite the bargain.
CLA's stuff is a lot more expensive. IK's White 2A and Black 76 are more reasonably priced, but still no bargain compared to NI's current promotion. Plus, while their White 2A is great, their Black 76 doesn't really cut it for me - it comes last on my list of 1176 emulation, behind CLA, NI and even the old Bomb Factory emulation.