Basically, the new wave is the TI without the Ti handles and the 154CM steel blade AND the extra bits.
Without the extra bits, the new wave is handicapped. You will need to buy the extra bit kit for $20 to really get value out of it. In that case, you could forgo some of the bits and just get the XTi.
I personally think both the TI and the new Wave are blade challenged. With the XTI you get the cutting hook (very useful, BTW), lose the worthless too small scissors and gain an extra bit socket.
So, my advice would be to buy the XTi or the new Wave only with bit kit.
J