Emerson has the wave and the 5.11 doesn't, unless you do a zip-tie mod. The Emerson is a liner lock and the 5.11 is a lockback. The Emerson has a chisel grind and the 5.11 is a regular V grind.
There's also the Fox karambit, which has a wave, uses N690, and has a liner lock. Personally I don't like karambits that use a thin ring like the Fox, feels unstable when spinning them...
I haven't tried the 5.11, as I prefer liner locks. The Emerson karambits are great, but the tip is very delicate and sharpening is very difficult. Definitely a dedicated self defense weapon.