I just bought a new Wave because of the locking blades. It only comes with the single bit (phillilps) that is inserted in the tool. So, it is kind of brain damaged without the bit kit. You would be giving up the small and medium blade flat drivers from the old wave. I like my old Wave, but I HAVE HAD IT with the blades closing on my fingers one two many times.
The tiny eyeglasses screwdriver is such a total, total waste of a bit slot. I have one on my Charge TI and I have yet to EVER use it. If their marketing showed that this was an important bit then they should have put it in the same way that SAK does with their toothpick or something. To use such a bit holder is stupid and a waste of such a useful bit slot. I mean, give us another fixed screwdriver blade.
I think any of the new tools - Charges and New Wave would have been totally awesome if they came with a fixed phillilps and flat blade screwdriver blade, the interchangeable bit holder and dropped the eyeglass screwdriver. EVERY tool, without exception must have a basic phillips and medium straight blade screwdriver.
The Wave's scissors are the same scissors that are on the Charge TI. They are about 2/3 the size of the scissors on the old Wave. What is worse is that control end of the scissors (the part you press to cut) is significantly shorter which means a lot less leverage. The old Wave's scissors are much superior.
I have a Charge TI and I picked up an XTI and will eventually sell the TI because the scissors are not very useful and the Charge set up is screwdriver blade challenged. So, with the 154 blade sharpened up well and the cutting hook on the XTI, you can do about 90-95% of what you would have been able to do with the scissors but you gain the extra bit slot.
On the Wave, you really need to purchase the bit kit in order for it to be very useful. This is true with both the Charges (TI more so than XTI) but to a lesser degree. I have the Bit Kit and it is really nice, all the best blades - multiples of phillips, straight screwdriver, torx, posi-drive and allen. In general, you get about 2-3 bits of each.
The new Wave uses the same goofy sheath that the Charge's do. It has a lot of places of dirt and grit to penetrate and I would recommend getting a better sheath very quickly. The provided sheath does give you a place to hold the bit holder but find an alternative or be planning on cleaning the grit from your tool on a weekly basis otherwise. The thing is basically a loop of leather with elastic sides. I expect the elastic to eventually (sooner than later) give out and either lose its stretch or start to fray.
The New Wave handles also seem to twist much less than the old Wave handles. There really isn't that much difference to the Charge TI. In fact, the Wave is a cheaper version of the TI basically losing the 154 blade for a more traditional SS blade, the Ti handles for handles like the old Wave, and the bit holder with more bits. Other than that, there is no difference. The both have the same blade layouts.
In some ways, buying the New Wave with the bit kit (about $99) would be a more useful combination than just buying a Charge TI ($99) to which you really need to add the bit kit.
The fit and finish on the Charge is better than the Wave. The Wave is smaller and will fit into the old style Leatherman leather or Cordura sheaths sans the bit holder.
Anyhow, just my $0.02.
J