Waves Audio Element 2.0 by coolfog09
Waves Element is very similar to their Codex Plug-in. Both share similar architecture the main difference is that Codex uses samples while Element uses preset sound waves that can be molded to create beautiful and complex sounds. Both synths have a minimalist approach but at the same time you can get a huge amount of variability and complexity from the options available. The sound quality and the mod matrix really define this plug-in. 4 lfo, 1 dedicated envelope and the sequencer/arp can all be used to manipulate the controls in the mod matrix.
I found version 9 to load and run in a snappy manner on my workstation. Recently they were on sale for around $30 each. For this price it would be difficult to find a better deal.
I just started using Waves with version 9 and did not need a dongle to have these running on my PC.
This is part of Waves system so they want you to update to the latest version every year for a small price per plug-in owned that is capped. You are not obligated to update and the old version will still run without updating.