The biggest difference (other than wear and tear) will be the rudders. The new one will have "Easy-Lock" rudders, which are much simpler to operate and maintain, but are thinner (lighter) and have shorter tiller arms.
Not much else has changed over the years, other than colors of sails, cushions and tramp. There are two styles: club and classic, with different tramps and shouds.
Waves are pretty durable boats, and hold their value well. If the older one is in good shape and you can save money on it, that might be your better option.
_________________ What - Me Worry?
2006 Hobie Wave 7358 "Ish Kabibble"
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