Like most things in this world, it's a trade-off. Progress comes at a price. In the case of the New Wave, you get all-locking implements and the option of a couple dozen exchangable bits; the price is a bigger, heavier tool that isn't quite as capable without the add-on bit kit (the two bit-holders on the New Wave take up the same space as three flat screwdrivers and a phillips on the old Wave), and has smaller scissors, too.
I carried an old Wave from the year it came out until the New Wave and Charge were released; my girlfriend bought me the New Wave for Christmas 2004, not knowing that I'd just bought a Charge Ti. The New Wave sits in a drawer — if I wanna go lighter, I carry the old Wave, but most of the time I carry the Charge. The New Wave just doesn't bring much to the table; the Charge is a tad lighter, provides a more secure grip, and has the 154CM blade. Sure, the Charge cost a bit more, but it also came with the pocket clip and extra bits that the New Wave didn't, and of course the far better blade steel. I feel it's actually the better bargain.
To tell the truth, I still think that the old Wave is just about the perfect balance of size, weight and functionality in a multitool. I prefer the Charge for it's flexibility, but also curse it when the bulky sheath catches on something. The old Wave packs an amazing amount of utility into a sleek, compact package.
Of course, if after all that the Wave seems like overbuilt overkill, go check out the Surge!