For the wave to work, the knife must be carried clipped, tip up, and preferably with the spine of the blade against the seam of the pocket. To draw, you grasp the knife between thumb and forefinger and pull it from the pocket, keeping the spine in contact with the seam of the pocket. The "hook" of the wave opener catches on the lip of the pocket and the blade swings open.
IMHO, for most people, it's a bad idea. Using it causes a lot of wear and tear on your pocket. It can alarm others. It's less than 100% reliable, at least unless you practice a lot, in which case you'll wear out a lot of pockets. It restricts the manner in which you can carry the knife, and, to some extent your choice of clothing. It may be considered illegal in at least one state.
The Spyderco round hole opener, on the other hand, is probably the simplest, most effective, one hand opening device ever devised. Can't snag, can't fall off, allows the knife to be opened as fast or as slow as your environment requires.