There is a document ‘Understanding Waves Soundgrid” on the main site:
http://www.allen-heath.com/UK/Products/Pages/ProductDetails.aspx?CatId=iLiveSeries&ProductId=MWAVES&SubCatId=AudioNetworkingOptions#tabset-tab-4
with the full Waves Soundgrid setup you can record / playback with or without Waves processing.
