I am having wave-II and based on my experience:
Pros:-
1. Good build quality
2. Good camera
3. Good display with gorilla glass
4. Good Media player
5. responsive interface, touch screen is good, no lag in interface
6. presently picsel smart office document editor is free
7. samsung ChatON
8. front camera (i never used it)
9. tv out
Cons:
1. number of application are lesser than android/symbian, i miss skype, google maps, fring (nimbuz is available but only for text chat), whatsapp.
2. only few good games are free.
3. battery hardly lasts 2 days in single charge with normal use and if used heavily for browsing it may last one day only.
4. GPS locking is irritating, takes a lot of time
wave-3 has same bada OS (Bada 2.0), some of the pros/cons would be common for both the phones