The 'bypass issue' is a problem in Logic 8 on a PowerMac (dual G5) as well, so it's not Protools-specific. Clicking the Redline-logo puts the plugin into bypass mode from which there is no return other than removing the plugin and loading it again. (Luckily, Logic itself provides a bypass button as well.)
Something else which doesn't work as expected, are the arrow-shaped buttons to step through the presets: they seem to work only one time (jumping to an apparently randomly chosen other preset) but after that, those 2 arrows refuse to do anything at all ...
Other than that, very nice plugin.