I was on it a lot when I first got my invite and I follow a bunch of public waves, but as you observed, it's pretty flakey with the big ones. The mobile UI is worthless, so I never use it on my phone. I think that until and unless more people get on and start using it for school and work, it's going to be just a geek toy for a while.
This is off-topic, but I'm very interested in what Mozilla's got going on with their Raindrop project. I see that getting legs far more easily than Wave if they get it right because it's inherently backward-compatible, so my non-tech friends don't need to adopt it for me to take advantage of the advances.
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