The wave opening on my 5K and 6K are fine. If the wave opener comes off your pocket before the knife is fully drawn, then it's possible it won't open the blade all the way. In my case, I tilt the knife handle down a little as I'm drawing the knife to make sure the wave opener has a good, solid catch on my pocket. I had the same experience with the Emerson CQC-7 (the one made by Emerson). If this is your first wave opener knife, just practice a bit until you get a feel for the angle to use when pulling the knife from your pocket. The angle will also vary depending on the style of your pockets (eg. jeans vs. slacks).
Both of mine open smoothly, but they're not flickable. Part of it may just be the wearing in of the Nylatron washers, which don't seem quite as slick as the bronze washers, at least initially. It could also be the tightness of the pivot screw, so you can try adjusting that (using small increments, like 1/8th of a turn at a time). The Nylatron washers are self lubricating, so they should get smoother as they wear in.
Here's what I do for the wave opening. The red arrow shows the direction I am moving the knife at each stage. When drawing, pull back to angle the knife such that the wave catches the seam of your pocket. Once it's caught, continue moving the knife almost straight back to keep the wave hooked onto your pocket, which will open the blade partially. When the blade is about half open, finish drawing the knife by actually pulling down a little, which should finish puling the blade open. There may be other techniques, but this has worked for me.