Wave racks aren't bad - I'd say "good enough" in most cases - but just FYI the current school of thought on bike parking best practices is to allow the bike frame to contact the rack in two places, such as with an inverted-U rack with the bike alongside the U, touching both vertical supports. Personally, I prefer parking my bike that way even at wave racks, as long as utilization is low enough that I'm not inconveniencing anyone. Down side is that installing multiple inverted U racks costs more in labor than one big wave rack.
The APBP used to distribute their bicycle parking guidelines for free, but now they are charging for it as of the second edition:
http://www.apbp.org/?page=Publications
From the executive summary:
As described in the first edition of the Guidelines,
APBP continues to recommend a bicycle rack that:
• Supports the bicycle in at least two places, preventing it from falling over
• Allows locking of the frame and one or both wheels with a U‐lock
• Is securely anchored to ground
• Resists cutting, rusting and bending or deformation.
The first edition is still available for free:
http://www.apbp.org/resource/resmgr/...guidelines.pdf