electricred : on the full Torpedo PI-101 WoS VST, you have the same cabs and mics than on the Torpedo VB-101, and they regularly capture and add new ones !
Beside this full version, you have 3 "sub" versions of the plugin with just modern cabs or vintage cabs or bass cabs. These versions cost a lot less, but are locked to the provided library (you won't be able to add the new cabs they'll offer in the future).
As an addition, I think the real advantage of their algorithm is that it's not traditional IR's technology, as they're dynamic / non linear, so I think it's pointless to use this plugin to load external IR's (just use a free IR loader like LeCab).
As far as I know, the Torpedo Live don't provide these non linearities, unlike the VB-101 and the PI-101 plugin.
Here's a comparison chart on their website between all their hardware product :
http://www.two-notes.com/en/hardware/torpedo-vb-101/#compare