From the homepage:
In the beginning, Waves created the L1 Ultramaximizer, and it revolutionized the world of mixing and mastering. Then came the L2 Ultramaximizer - heard on hit records and major motion pictures the world over. The way was paved for the L3 Multimaximizer, the world’s first auto-summing multi-band limiter. Now, Waves is pleased to present the newest member of Waves acclaimed L-Series, the L3-16 Multimaximizer, a 16 band peak limiter that delivers unparalleled loudness with unprecedented control.
Powered by Waves patented PLMixer™ Peak Limiting Mixer technology, the L3-16 maximizes your sound with pinpoint precision and breathtaking detail. With a wide variety of sonic flavors ranging from analog warm to digital cool, no matter what genre, no matter what sound, you’ll stand out from the crowd, loud and clear.
* Intuitive Paragraphic interface with frequency, Q, and filter-type controls
* Built-in linear phase equalizer
* Linear phase filtering for maximum output, free of phase distortion
* ARC™ Automatic Release Control across the band-split spectrum
* IDR™ Increased Digital Resolution with double precision bit re-quantization
and 9th-order noise shaping
* 34 Release Character presets for mastering and sound design
Global Limiter Section
* Threshold sets the global limiting threshold: -30dB to 0dB
* Out Ceiling sets the maximum output level: -30dB to 0dB
* Threshold/Out Ceiling Link allows simultaneous adjustment of the Threshold and Out Ceiling faders.
* Attenuation Meter displays the overall wideband attenuation: -30dB to 0dB
* Release proportionately shortens or lengthens Release Character release values: x0.1 to x10.0
* Release Character contains ARC™ Auto Release Control factory presets
* Separation sets the Q for the multiband network crossover filters: Low, Medium, High
Priority / Gain Controls
* Priority adjusts the relative limiting across all bands: -18dB to +18dB
* Gain controls the gain of each Paragraphic EQ band, in front of the limiter: -18dB to +18dB
* Gain/Priority Link allows simultaneous adjustment of the Gain and Priority controls.
* Freq sets the frequency for each Paragraphic EQ band: 16Hz to 20kHz
* Q adjusts Q for each of the 6 Paragraphic bands: 0.33 to 3.0
* Filter Type selects the filter type for each Paragraphic EQ band: Bell, Low Shelf, High Shelf
* In/Out switches individual bands on or off.
* Quantize sets the output bit depth: 24, 22, 20, 18, or 16 bit
* Dither selects the IDR™ dither type: Type 1, Type 2, None
* Shaping selects the amount of noise shaping: Normal, Moderate, Ultra, None
U.S. retail price of $12,500 TDM / $7,500 Native.