I'm with you on the original Wave. My original has went back to my EDC and my new wave is in a toolkit. The original was just more useful day to day. I think Leatherman would make some sales if they would start making it again as a "Wave Classic" or something.
I hope Tim Leatherman reads this because you're quite right.
The only part of the new Wave that is unequivocally better in my mind is the locking function for the inside bits. I remember reading that they went with the larger (and for me, less useful) profile for the pliers because people were sending in Waves with broken jaws, so they felt it necessary to add more metal. It's not clear to me that the broader knife blades are entirely necessary. I'm on the fence for the bit driver, I like having the flexibility but I also like the original screwdriver bits for their ability to get at recessed screws.