I've sailed both boats, and currently own a Bravo, here my thoughts.
I used to sail/race SolCat 18 and Hobie 16 back in the day, so there is a certain performance level I was looking for. I do live on a canal about 300' from a lake that's 1mi x 1/2mi. Which limits the size of the boat that usable. I was looking for a used Wave or Bravo, found a Bravo first.
The Wave has better performance than a Bravo, and can hold 3 people no problem. The Bravo is basically a 1 person boat, with 2 the performance does suffer. I like the days the wind is really blowing, sometimes to much. With a Wave I would have a hard time keeping the boat up. With a Bravo, I can easily reef the sail to get upwind, then let it out for the broad reaches.
Speaking about reaches, both boats suffer from the fixed main sheet attachment at the center of the boat due to the boomless main. On the Wave, a traveler can be added to correct this. For the Bravo there's a Boom Kit. I prefer the traveler solution over the Boom. You'll need something.
The Bravo is just so damn easy to setup and sail, the main wraps/unwraps around the mast, and is never in your way. On the Wave, the main is all over the tramp when not up. I have to paddle down the canal to get to the lake, sometimes against the wind, once at the opening, just pop the main and away I go.
I'm still looking for a good deal on a Wave, but I don't think I'd sell the Bravo even if I got one. If I was sailing in the ocean or in the Gulf, I'd like a Wave.
One suggestion is to find a dealer or a rental place and try both boats, Its a hard choice. You have to really decide what you're looking for and how you want to sail it. Either way, they are both a lot of fun.