I saw these guys at NAMM and thought it was pretty cool. I just gave it a test run, and from my test, it works exactly as described.
Basically, they have a rack full of hardware, and the plugin sends your sound to the hardware and back through the plugin. There’s obviously a bit of latency, but it lets you rent out time slots. It’s kind of a nice way to experiment with analog gear without having to actually buy it and set it up.
When you adjust the plugin, it adjusts little motors on the hardware to match what the plugin shows. I’m sort of sad I didn’t take a video of it at NAMM, because I don’t see any videos of it in action on their site.