I have both but I really don't consider them similar plugs
I use the Wave Arts track plug ALOT although I am not all that crazy for the compressor section of that plug, I think it is only good for VERY light compression. This is currently my number one channel plug. The gate is one of the best available only recently supplanted by the Sonalksis gate.
Wave Arts EQ's are smoother to operate than Waves - sound wise they are similar
I also use the Wave Arts Multi Band compressor on kick all the time and it is a good plug
Not a fan of the Wave Arts Reverb but I am also not a fan of Waves reverb with exception to their Ir1
I really like Wave Arts GUI's - far superior to Waves. The Wave Arts also tend to be very feature rich , more so than the waves.
THAT being said - I still use ALOT of Waves plugs as well
I know, GET BOTH 
Oh yeah, Wave Arts = No WUP (look it up)
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"In the time of chimpanzees I was a monkey" - Beck, Loser
"I do use compressors/limiters but not for controlling dynamics, I use EQ for that!" Jp22 (damn I miss him)
"Education is a progressive discovery of our own ignorance." -- Will Durant, historian (1885-1981)
"I try to get a boom out of the bass drum, in one of my albums, my CD, boom, I try to get that big boom, I could not get a big boom, I paid bucks, and could not get the boom" - Recording Expert, Tad Donley
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