I have only heard horror stories of Wave plugins. And they are expensive too. I am glad I never went down that road.
Indeed @dhj,
And since they launched SuperRack Performer (even the name is suspiciously close to GP), they have even fewer incentives to accommodate you. Perhaps if they run into the same issues, they might solve them, but chances are that they’ll then simply work around them in their own host to concentrate the work in one product, rather than all.
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Waves PSE does the trick for me. I retains the original source very good.
To set a plus to the dbx hardware unit:
It has fixed AND dynamic filters! So you can ring out your system killing the big problem frequencies fixed and set (maybe 4 of 10) bands to dynamic behaviour. This will help to catch feedbacks when something is changing while life performing (volume change, crowd gets bigger, YOU MOVE AROUND).
The dynamic filters search constantly for such signals and will reset semselves after a preset time (i.e. 30sec).
As far as I know, the Waves plugin can’t do that.
Regarding the little dbx GoRack device and the included feedback destroyer… the device itself isn’t built anymore, but the same thing is integrated into JBL’s actual EON700 active speakers series. Not really the same thing, but might be a good choice for musicians who are used to bringing their own gear to the venues.
We have a small rehearsal studio organised as a real stage, but where we face the speakers. We have sometimes feedback issues specifically on a Rammstein song where I added a bit of overdrive and harmonizer fx on the voice. To solve the issue I used the wave feedback eliminator. It works, but ended up, on this specific song with a lot of frequencies removed, which has an impact on the quality of the sound. In real stage, it is very rare to be faced to feedback, so I bypass the wave feedback eliminator. And if all situations are not always completely feedback safe, I think there are always other solutions to avoid feedback before using any kind of feedback eliminator which removes frequencies from the mix (and in my rehearsal studio, not only very high unused frequencies).
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I would agree with that.
First of all I think turning down volume is always a good start 
I think you have to compromise:
Getting a thin or muddy sound through frequency eliminating is always a little dissapointing, but to welcome your audience with a big feedback “whuieeehh!!” is even worse!