I'm a lot like the OP. As a cyclist, I feel special, and like to amplify that special feeling when I see another like-minded cyclist, so I always wave. If she/he waves back, I'm gratified. If she/he doesn't, I find it kind of irksome and usually turn around, follow them to a quiet and/or remote area, push them off their bike, jump on them, put my hand through their ribs, pull out their still-beating heart and wave it in their face, just to see their expression as they expire.

That's just me, though.