I just sent IK Multimedia support the following email - says it all.
"I own Amplitube 4 Max & just purchased Amplitude 5 (not max). The instruments included in Amplitube 4 Max show up in Amplitube 5 but just about every amp module I launch says it is missing items not yet owned. All of these amp modules work correctly in Amplitube 4 Max. I own: Slash, Jimi Hendrix, Mesa Boogie, Orange, Fender Collections 1 & 2, Metal, Ampeg SVX, Amplitude SVX - and almost every preset in all of them is telling me I don't own the gear (stomp boxes, speakers, effects, ect).
I have unauthorized & re-authorized Amplitube 5, plus ran Restore My Purchases in the Custom shop, several times and I still can't use my Amplitube 4 Max amps and presets in Amplitube 5.
This is useless to me. How can we fix this?"
Should have saved my money.