I've raced Waves and although the speed isn't thrilling, the racing is very very close and every mistake will cost you hugely. The lack of speed is easily offset by the evenness of the platforms.
This is what monohull sailors say about their slow rides... "Oh the racing is close.... you catamarans sail to the ends of the course and only see each other at the marks... What fun is that... where are the tactics.
What makes the Wave better then a Laser.... no hiking and no trapeezing?