Can you explain how this Rig Manager works?

Would it allow me to load user created presets in a different DAW (I use a Focusrite Liquid Saffire 56 as my interface and Eleven Rack via SPDIF).

Hi!

There are information about how it works and a FAQ on the ElevenHack website (on my signature).
It only manage rig presets, not sound recording. The 11R must be connected via USB to operate properly.
If you have some specific question not answered on the FAQ or release notes, don't hesitate to post them. I will add them to the FAQ.

Bzerk.

same here everything was working great but now it just hangs and takes forever to do anything as well as the presets wont save now. I did not have issues with naming at all. I'm on Win 7 machine with Java 7 (10) I did notice if I run the program without the 11r on it would run smooth as far as being able to select presets and actually close and whatnot.

Well, there is a problem with connection to the 11R in certain circumstances. It should be (hopefully) fixed in the upcoming release.
There will be also a rename option to change the rig name on the device.

As a reminder:
The tfx file encodes a rig name, it is completely unrelated to the file name and it is the one used by the device. Renaming a file does not change the rig name displayed on the device.

For unknown (to me) reason, PT does some tricks to change the rig name once it has loaded on the device and keeps a database of rig and rig name. That is why you can have some rigs that have a different name under PT than ElevenHack. ElevenHack does only uses the internal name of the TFX, there is no way around this.
You will soon be able to rename the rig and save it as tfx with the new name.

Bzerk.