I don't have any experience with Waves, but I like the idea of an external DSP unit carrying the load for resource intensive plugs, like the UAD stuff. Waves has a great reputation, probably for a good reason, but the plugs run natively and eats up CPU time.
Also, Waves is often the subject of piracy and hackers. This site bans anyone who advocates piracy or is looking for help on their cracked wares. So, please don't cross the line. I'm sure Waves has some kind of authentication system like a dongle, so you can't legally pass around free copies at work, unless they are buying licenses. Pretty expensive.