I'm adding this only because I know a lot of other folks do have the Hobie jib kit for the wave (even with its faults, it can still add to the fun). I have not, however, noticed that it allows pointing higher.

RE mast rake: someday I'd like to see how someone's got things rigged so that the mast is raked back as Rick describes (maybe I'll post another question about that). The rigging on the Wave is, I've been told, intentionally loose to allow the mast to find its optimal position for the point of sail, but we have the forestay adjuster as tight as it will go and the leeward shroud is still loose enough that it can make guests really nervous!

So, in short, I wouldn't invest in the jib kit to be able to point higher--unless we're just doing something wrong (always possible with the self-taught!).

Best breezes!