An electronic load module (ELM) for a combined waveform and harmonic load-pull measurement system is presented which is based on an IQ modulator concept. A first realization of the ELM based on commercial ICs for 1.4 GHz to 2.5 GHz fundamental frequency is given.Several key application ranges of the measurement system are highlighted: Refinements in understanding device physics, modelling, model verification and direct nonlinear parameter extraction, and "waveform engineering". Some measurement examples are given.