I'm sure Matt Miller can get more specific than I can, but here's some of the general stuff I've heard, and some of it may be bunk:
The Wave showed up around '94 or '95 - they were turned twice on the rotomolder in the first couple of years of production, so early boats are lighter than newer boats, which are turned three times. There are a few different factory trampolines out there - some have drink holders, but the mesh didn't seem to hold up well, resulting in just four holes in the tramp with no "holder" for the drink. Latest tramps are three-piece lace-up. There are many different factory sails out there - predominantly Dacron, but some monofilm and some Mylar exist, some with specific branding on them like Coke or Sunkist. Factory sail sizes and cuts are somewhat variable, since they never imagined it would become a racing class.
New boats have a new rudder kick-up and crossbar arrangement that has been met with mixed reviews from owners. The blades are the same - just the castings, arms and crossbar have changed.
Newer boats have the flying "H" integrated on the Bob at the top of the mast, rather than a sticker - this holds up MUCH better.
Some used boats you might find have various accessory items like the backrests, jib kit, tiller extension, etc. These are add-ons. Features and accessories are listed on the
Hobie Cat website. My opinion is that any old Wave can be brought back to life for a pretty reasonable cost, as they are simple boats. As long as the plastic hulls are ok, anything else can be repaired or replaced. Holes, splits, creases or cuts in hulls are theoretically repairable, but not from any practical standpoint. Pass on the boat if the hulls aren't sound. On a rental boat or a boat that has been sitting for some time, expect to have to replace the standing and running rigging, which is very limited and not a big deal at all. Also expect to replace the rudder cams and springs - again, not a big deal.
If you are looking to get involved with other Wave owners, there are two choices for class associations - the International Wave Class Association, and the Hobie Class Association of North America. The IWCA is an owner-controled association with an active annual Wave regatta schedule, points system and a championship. The IWCA maintains a set of rules intended to keep boat performance and cost consistent. The HCA has written a different set of rules for the Wave which include minimum boat and crew weights, but there is little support for the class within the organization and it is generally viewed as a "toy" boat - no Wave owners are represented on the board. I belong to both organizations.
There are a couple of Wave-owner forums: one is
right here on Catsailor, and the other is
factory supported. Everyone I know that owns one has been very happy with their purchase - let us know what you get, and have fun.