As fast as it is to physically open, you'll still have the same re-orientation issues as you would with an auto. While it will open the knife faster than an auto, once it's opened you are still holding the handle scales in a pinch grip. The comes the fine motor movements as you have to re-orientate your hand around the handle. The Wave is quite a design, but isn't quite the 'folding fixed blade' some make it out to be. A folder is a folder...But the Wave is a cool way to open a folder.
Testing wise, I had a friend time an auto versus myself with some Spyderco models, and a few non-waved folders that I could wave with the thumb studs. The blade was always out faster with the wave, but getting your hand around it to use it cuts down the time difference a bit. If it's for 'Hey, isn't this cool' moments, it's a lot of fun. For defense...I don't trust how specific the motion has to be, the fact it's tough to get out in tight quarters or against anything, nor the fact it can miss the pocket and you're stuck posing with a closed knife.