BTW - This issue is causing a fairly large uproar over at the kvraudio.com forums. Waves are highly regarded plugins, but it looks like they weren't really prepped and didn't double-check the triple-check before they made this offer available.

http://www.kvraudio.com/forum/viewtopic.php?t=366606
http://www.kvraudio.com/forum/viewtopic.php?t=365811

Too bad for them. Before they did this, I considered them to be a legitimate plugin provider - now they look like they were just fishing for e-mail addresses.

FWIW, there are a couple other single knob and/or simple compressors at KVRaudio.com's plugin database.

I'm not endorsing any of these, but they are free and have very simple controls, a couple of them are single knobs, FWIW.

http://www.kvraudio.com/product/oneknobcompressor_by_musicxart_studio
http://www.kvraudio.com/product/pc-2-psychoacoustic-compressor-by-toneboosters
http://www.kvraudio.com/product/simplesqueeze_by_betabugsaudio
http://www.kvraudio.com/product/wtcomp_by_plektron
http://www.kvraudio.com/product/vitamin-c-by-distorque

-Scott