Waves is an interesting project. They have done the requisite work on UX that is really needed in this space.
Really not sure how their network will compete with others that can do the same things. There is really not much novelty going on. Once the space becomes user friendly as a whole, I see no pull for Waves.
I agree, I think what gave Waves an edge in the beginning was that they addressed present issue instead of making promises for the future. Not exactly a long term outlook but it got people excited in the beginning.
They have their contribution haha.