There should be an LE version. Stereo I/O and that was it.
A live-ready plugin host would be absolutely up my alley, I even considered a Muse Recptor years ago (but that seemed pretty weak both on the hardware and CPU side, and it was also back when amp simps didn't sound too great), simply because I don't want to take care of tweaking a computer based setup for live purposes myself.
But then, it'd all be up to the hosting software - and I doubt the Waves system could be mangled in ways satisfying for guitarists.
However, if there was something suitable for guitar player needs, I'd buy that over any dedicated hardware modeler any day. I mean, you could have a Helix, S-Gear, NAM, any modulation effect, any delay and any reverb (including IR based ones) side by side. That'd pretty much be a dream come true.