I really like the newer Wave, and EDCed one for several years. I bought 2 new Waves and 1 old one. I would buy one, wear it out, and ebay it, then buy another, so I could use it rather than send it in and wait for warranty.
The new Wave is considerably bulkier than the old, but has locking tools, stronger tools, and a diamond file, so I prefer the new one. My last Wave I twisted and lost the large bit, twisted the straight driver, and broke the pocket clip, so I quit carrying it. It was worth the 8 oz of weight only when it had all it's tools in good order, IMO. It went with me everywhere, even on long backpacking trips. I think I took it on a 40+ mile trip, but I can't remember for sure.
In my case, I used the pliers constantly, the ruler, bit driver, and serrated blade(as a scraper) often, and the other tools occasionally.
Whether or not the tool is right depends more on a person's activities than which is the "right" tool, to an extent. You could have pulled half the tools out of the Wave, and I still would have liked it, while someone else couldn't do without the woodsaw.

In my case, the woodsaw got used maybe once a month, so wasn't that big a deal.
Also, for me the pocket clip made a HUGE difference, as it made the tool much nicer to carry. For me, the sheath was OK, but would wear out and look nasty after a while.
For a good compromise tool, check out the Leatherman CS4. It is seriously like an SAK on steroids. It has a ton of tools, is fairly small, pliers and scissors, screwdriver bits, woodsaw, etc. It is not ultra heavy duty, but runs about 25% lighter than the Wave, and 1/2 or so of the Surge (I think).