Hi Marcus,
Yes. WAE will still optimize the traffic, provided it has the default configuration. i.e. default policies are in place.
Central Manager is the management piece to manage configurations for WAE.
The WAAS Central Manager GUI allows administrators to perform the following tasks:
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Configure system and network settings for an individual WAAS device, WAAS Express device, or device group.
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Create and edit application policies that determine the action that a WAAS device performs when it intercepts specific types of traffic.
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Configure file services and set up file preposition policies.
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Create device groups that help you manage and configure multiple WAEs at the same time.
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View detailed reports about the optimized traffic in your WAAS network
More reading here: http://www.cisco.com/en/US/docs/app_ntwk_services/waas/waas/v441/configuration/guide/intro.html
Hope this helps.
Regards.
PS: If this answers your question, please mark this as Answered.