I wear lycra and I wave at (almost) all cyclists (see point e below), no matter what they're wearing. I especially wave and smile at people who are dressed in street clothes and riding 40#, single speed cruisers. It takes balls to ride in California on any single speed bike, much less a crazy heavy bike like a cruiser. I commute 30 miles a day, 3 to 5 days a week, depending on my wife and son's schedules.

Around here, most cyclists do wave. I figure that the ones that don't wave back (or at least give the obligatory head nod) are:
a) Focused on their training regimen to the point that they don't notice other people
b) Generally not sociable
c) Not cycling for fun or transport, but because they are "serious cyclists"
d) Near sighted and are wearing non-prescription sunglasses because it's bright as hell around here
e) Talking to voices that cannot be heard by anyone else because they are crazy

It's best to identify the last ones before you wave or say "hi" because, you never know what will set them off.

By the way Fishmonger, I just got my 2015 Fantom Cross at the end of last week. I've put 200 miles on it already and I absolutely love it.