I don't really consider the Pulse and Wave direct competitors.
In a comparison of the two, I like the Wave because it has the exterior-opening tools, more comfortable handles for hard-use of the pliers, and a bigger selection of tools. However, as negatives, the Wave is bigger and heavier than I normally like to carry, and worse yet, the screwdrivers don't lock.
The Pulse is based on the PST II, which is the best standard-size tool going, IMO. It's smaller and lighter than the Wave, so I carry the PST II more often. By going to the Pulse, I get locking tools, including locking screwdrivers. So the Pulse's advantages: more carryable, plus all tools lock.
Joe