A very subtle effect, to my ears
I've read the Waves white paper on how they designed this plug-in and it was very interesting and impressive. I suppose if you really know what you're doing, like if you're familiar with tape machines, you can probably coax some realistic tape simulation out of this. I have no clue about any of that. I'm a "factory preset" kind of guy. My experience with this plug-in is that it's very subtle, unless you choose one of the presets that adds a lot of noise to a track (or add it yourself by twisting the knob). That noise is interesting as an effect, but it really is "noisy" and will dirty up the quiet parts of your track a lot. Beyond that, as I said, it can sometimes be very difficult to hear when this plug-in is engaged or not on a track (unless it's provided slap-back delay, obviously). That can be a good thing, as often the best tweaks are small tweaks, especially in mastering or across the main stereo bus. And the subtle effect that I do get out of this is a nice, warm kind of compression that doesn't have the in-your-face character of most limiters. I'm not wholly convinced that, even at this low price, that makes this plug-in worth the money; but again, I'm probably not clever enough to use it to its fullest potential. So, if you are "un-clever" like me, you also may want to leave this plug-in alone. It certainly isn't something you're going to drop on a track and go, "Wow! It sounds like The Beatles now!" More like, "Hmmm, I think I like it a little better with this on. Let me try enabling and disabling it about 15 more times with my eyes closed just to be sure."