I think it depends on your situation more than anything. I have both and have been carrying the wave lately, but it is lacking to me compared to my old trusty SuperTool. If you are in a position where carrying "knives" is bad but carrying a multi-tool is fine, then go with the wave. I carry a knife all the time so having fast access to the blades on my multi-tool is not necessary. being able to whip out the saw ot file in a moment's notice has never been a major concern either.
Since the most used tool on my leatherman is the pliers, I like my SuperTool better. It has been well broken in and I can open it like a butterfly. I have seen the Swisstool, and my main gripe with them is the pre-rounded screwdrivers. Those drive me nuts.
I am still trying to break in the Wave, but it still is very stiff and does not want to flip open like my Super, and the screwdrivers and such are really tight and hard to open(and unfortuneatly thay like to close easier than they like to open, and the way the screwdrivers are ground only on one side is stupid). The wave is a nice tool, but it is sort of an amalgam of the worst of all worlds. Its knives aren't as good as one you would carry in your pocket, the non locking screwdrivers are a let down, and it don't open as easy to get to the pliers like the Super.
Best bet is to get a Supertool, (or swisstool), a good pocket knife, and a Micra if you really need to carry scissors.
YeK
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My Mom carries three knives.
AKTI # A000348