I have the new Wave. I use and abuse it daily. It is my usual EDC, except for a couple months a couple months ago. It does not rust and it works very hard. I think it is the best working tool you can get before you start getting into the real heavyweights. I finally broke a tool on mine the other day. I had tried to break free a rusted screw, and twisted the large standard screwdriver pretty bad. I had a huge amount of force on the tool, due to it being held in an L shape and cranking on it. Later, I took it to a vice and hammered the bit back straight. The next time I used it, a small chunk of the bit broke off.
There you have it... the weak spot in the leatherman Wave. Mine has never rusted, even when used hard and put in the sheath wet or muddy. The plain edge blade does cut quite a bit better since I thinned the edge down some. If there is a downside to the tool, it is that it is a touch heavier than the older standard models.
The scissors are great for cutting moleskin, the diamond file works for touching up blades, the knife makes a nice backup...
All that being said, if the tool will usually ride in a pack, I would probably go for a lighter model and maybe an 84mm Vic w/ a saw.