I own a 14 and a 16 and have sailed the wave (for only 1/2 hour).
The 14 is a really fun single person boat. I have no jib and it sets up easy and it also has a huge wind range. Lots of fun in high winds but its difficult to get the boat to turn when its windy. About 2/3 of the time, I blow the tack and end up having to do a pretty scary low speed jibe - but have never gone over doing this jibe yet, just seems like it every time. I cant hike the boat at just under 200 pounds. The lee bow will submarine before the hull lifts. If Im by myself, this is the boat I prefer - partly because its fast and low hassle to take out.
When I went to pick up the 16, I was pretty intimidated by the size of the mast and the boat setup. But its a real fun boat when I have my two sons sailing - or a friend. Single hands just fine but havent tried it in higher winds.
Ease of use and flexbility and simple to set up are high on my priority list so if I had to have just one cat, it would probably be the Wave. I could live with the little bit slower - seemed plenty fast to me when I sailed it with my two sons.
FYI - I also made a mast raising system for my H16. I almost always have to raise the mast myself and used a gin pole system with "baby stays" to keep the mast straight while raising. The gin pole is seated on a box which the previous owner made. I use an old camera tripot to suport the rear of the mast when its laid down. All parts of the mast raising system have easy connects and it makes owning and using the 16 a lot easier. So easy that Im thinking maybe I should have picked up an 18 instead as my "company" boat - still keeping the H14 for single hand sailing. Picture of the H16 mast raising in this album:
http://s359.photobucket.com/albums/oo33 ... 20raising/