I've never had an accident waving a knife, it clears your pocket safely, the edge is never in contact with you. If anything comes close, its the spine of the knife, and it doesnt touch. check the vid on Emersons site, it shows you clearly enough.
Pocket eating - with slacks, soft pants, etc. I've had problems. But, I wear jeans almost all the time and, although others have had this problem, I dont go through pants pockets all that fast, and I play with my waved folders a lot. Tip for you modifiers out there - make sure the "point" of your wave is all nice and rounded off, no sharp edges or corners, it'll prolong the life of your pantalones.
Also, not just spyderhole knives can be waved, friend of mine took the stud out of an LCC and used the hole left from that to make a wave - he says it works good. So, you have some options there beyond just knives with holes - but sheeit friends, almost every type of tactical knife, there is a variation on that theme with an opener hole. If it again around, get it made, I know some custom fairies would say "ohh, cutting on a custom, thats a sin", but screw 'em, its a tool - you show disrespect to the tool and its maker if you dont treat it like one.
Other draws still have to clear the pocket, and then the process of using finer motor skill to manipulate the blade, get a firm graps on it. A waved knife comes open on the draw, it might be only fractionally faster, but the mechanics of it are better, more gross and it comes right to a firm grasp easy, no f*cking around with your fingers, rolling the knife over in the hand to get a good grip, or any of it. I still say I can draw a waved knife (especially a modified knife with the larger "tsunami" that draws straight up, versus at the rear of the pocket like an Emerson) and go to town on somebody before someone trying to do another opening can - at least under stress. And, not to nit pick or anything, but if you cant do it under stress, it dont mean sh*t.

I'm not saying other things cant be done under stress, and I'm not saying that other folks styles dont work - I'm just saying what I, and many others, have found to be fact in our little universe.