I've never sailed a Hobie 14 but was choosing between that and a Wave a couple of years ago. I went with the Wave and couldn't be happier. It's fast (enough for me), rock solid and easy to set up and sail. And it looks to me like it has a lot more bouyancy in the hulls than the Hobie 14, which means that you'll spend more time sailing and less time swimming!
My sense is that the Hobie 14 is great in 10-15 knots but would be a real handful over that, whereas the Wave, being a little under powered, loves up to 20 knots or more if you can handle it.
2011 Hobie Wave with jib kit & mainsheet traveller