Hey guys
If you have problems with Waves Millenium bundle not being picked up by Cubase 5 ( ie. receiving error - "Please reinstall Waves plug-ins in order to use Waveshell" )....
Go to your system where you installed the Waves folder - c:/programfiles/waves
Open the Millenium Read me file - it lists the name of every plug in dll that was installed into that same Waves folder.
Create a folder called waves on your desktop and COPY everyone of those dll files into it (about 90)
Then MOVE that folder into c:/programfiles/steinberg/cubase5/vstplugins
Open Cubase 5 ( ignore any error msgs) and refresh your plug in information from the drop down tool bar
All the waves plug ins should appear
This worked for me on Windows 7 64 bit with Cubase 5
Good luck!