I've had my iLok for a few years now. Its really more of an essential than a necessity as it is required for most of my plug-ins with Pro Tools 7 LE. Its great to have all of my authorizations in one spot and to be able to carry them around with me from my studio to other studios. However, if I were to lose it it would certainly be a hassle to be without my plug-ins for that amount of time. Its also a bit of a hassle to register and to set up all of the plug-ins with the iLok, but once it is done, it is done. There are no other models of the iLok that I know about, as Digidesign really sort of has a monopoly on it. Its pretty cheap and is definitely worth the money if you have a bunch of plug-ins that you need to travel with, or if it is required with plug-ins that you purchase. I couldn't function without mine simply because I need my plug-ins whenever I am doing work.