After the release of the AWE64 and towards the end of the lifespan of the ISA card range, Creative released this sound card.
All they did was to bundle the WaveSynth/Waveguide MIDI synthesis software (that also came with the AWE64 and gave it its theoretical additional 32 voice polyphony) with this card (I'm not sure what hardware changes, if any, were made to the card itself).

It effectively gives you General MIDI synthesis, but only under Windows.
Since it is a software based solution, it requires a fast CPU (Pentium 90 MHz or faster).

What DSP versions do these wave effect cards come with? Hanging note bug?

I believe these all came with DSP 4.16, since they were released after the AWE64, but I'm speaking under correction.
However, I never had a desire to buy one of these (nor do I now), since I already have an AWE64 and the Waveguide/Wavesynth only works under Windows.

Maybe someone, who has one of these models, can post some pics for us?

I think I have one. Let me quickly check it out.

EDIT: Don't have one, just a Vibra 16.

I see them NOS boxed on the 'bays from time-to-time, never for much money. Clearly not a collectors item.

There is some info on this card on the Wikipedia page of the Sound Blaster 16 (under its own header, together with a pic of the card).
Definitely not a collector's item (well, not yet).

its also CQM based... not something I think one would actively hunt down...

*moved to marvin*