I just posted a review on The Wave yesterday. If you're interested, follow the link in my signature to my dining report in progress from August 2011. The Wave review is on page 7.
We enjoyed it and thought it was worth trying, but we won't be rushing back. I would prefer either Kona Cafe or Grand Floridian Cafe for a better atmosphere and food and price at around the same level.
All of the food was pretty simple but with a bit of a twist, for example the chimichurri on the flat iron steak or the blue cheese on the filet. I'm sure you could request those items on the side, so you could taste them to see if you wanted to add them, or just leave your food more plain. The menu has changed since my review, I understand, so check out All Ears for an up-to-date menu. Service was outstanding, amongst the best we have experienced at WDW. It wouldn't be a reason to choose to dine there for us, but definitely elevated our experience.