I have WLE8 and I think that it is very good, plus it's integrated with Cubase - kinda sorta. At least they come from the same barn, if you know what I mean. The cheapest OZ5 version is $250, right? The fullblown WL8 is $399 ($499?) and WLE8 is $99. As I understand things, OZ5 has many presets that will let you get to some OK mixes without too much trouble, and WLE8 is a hands on type of thing that may be more difficult for the novice. Eh, so consider all of this maybe. I really like and appreciate WLE8 and think it is a total bargain for 'mini'-mastering. True, learning curve is involved but the results are there. (Um, 'mini' refers to 'home studio mastering' which will always be a step down from pro studio mastering. Here, face it, you do not have the bank for a couple of $4000 EQs and a $4000 bit reducer.)
I have thought about the $250 version of OZ5 to use as a plugin to both WLE8 and C6.5.5 but have not made a move.
Cubase 6.5 (6.5.5) and 5.5 (5.5.3), WaveLab Elements 8, iC Pro remote app, LoopMash HD, Win7 64-bit, Intel C2Q9550@2.83GHz, 8G ram, Radeon HD 6570, Gigabyte X48-DS5 MB, Mackie 1640i (FireWire), M-Audio Keystation 61es controller via an M-Audio Midi-Sport 1X1.