Official Waves OSX 10.10 Yosemite support is planned very soon. We suggest Waves users hold off on updating at this time.
Keep an eye on and the Waves Newsletter for updates.

Downgrades from Waves V9 to earlier versions and iLok authorization are no longer available for Waves products.
If you have a lost/defective iLok key, you can update to Version 9 free under the Waves Update Plan.
An iLok RMA is no longer necessary at this time for these situations.