I discovered recently, after I thought my ilok was lost, the only way to have your waves plugs back is to have them covered, and then apply for the protection, which is expensive if you don't own a lot (max price is 200 dollars, so if you have tons of them, it's worth it). Problem is that, iirc, solo plugins are not covered, only bundles. Sooo... As much as I love the practical aspects of the ilok, I might chose the cloud way, so that it's impossible to get fucked if you lose it (breaking it is less of a problem, it's annoying, but you'll get your plugins back eventually even if it costs you to send it to them yourself etc).