Not if you know how to do it. If you grasp the knife handle so that the blade cannot open, i.e. with your fingers wrapped around the blade, and pull the knife out slowly without catching the wave on the back seam of your pocket, it works just fine.
You just have to do it slightly slower, and more carefully than a non waved knife. Other than that no hassle.
I have been carrying Emersons for a year now, and really do not find it any more inconvenient than any other knife.
As a matter of fact, I was goofing around earlier today, and tried to wave my CQC7 out of my pocket and totally failed! LOL