You have to give it to them, they make great plugins.
But thanks to piracy, they overreact with this bullshit authorization crap, and more people turn to piracy. I'd like if it was linked to the Motherboard instead of a dongle, so if you need to upgrade your machine, you'd shoot off an email to waves, tell them your upgrading, and they'd reregister you accordingly.
Still a little trouble, but less than now.
I'm ignoring the fact that with the dongle, you can take it to other studios, download the plugs, and run it, but I don't think that's an issue as every bigger studio and their mothers have some sort of Waves plugin, even if it's the RFridge.