I have been carrying a Wave everyday for over 3 years now. I have tried, and tried, and tried, to find something that will do even half what it will, but there is nothing. It pairs extremely well with a knife, as well.
I use the pliers the most, and the serrated blade probably equally as much. The serrated blade I use as a prybar, chisel, scraper, and for cutting things that would dull my knife.
The file/diamond file come in very handy at times, because there is no good substitute for them. The saw is almost the exact same length as the one on the Vic Hiker, FWIW.
I use the measuring scale on the back at times as well. Since I am hard on the tool, I have lost the phillips/standard bit insert, and torqued the tools hard enough that it is very difficult to get the inner tools out. That being the case, I never use the inner tools, but still carry the Wave everyday. I am actually considering just removing the inner tools, since I don't use them anymore.
As far as the pliers, there are no more versatile pliers anywhere for the weight. They have a needlenose, but still have rounded jaws that can grip a nut or round object. Along with that, they have wire cutters that work well, and a hard wire cutting notch to save the regular cutters. The steel in the jaws is hard enough and serrated so it can grip hard metal objects pretty well.
By carrying my Wave, I have an incredible pair of pliers that give up nothing to any other, along with a nice little scraper blade and backup knife blade. Along with that, I have everything that I would use in an SAK.