Well, if you look at LBRY, you see that it has two things that Waves does not:
At it's core, it is Bitcoin tech, which makes its integration relatively easy compared to Waves, which is brand new.
Secondly, the platform it is supporting is actually working at the moment: http://lbry.io/get/?r=RxDZx
It is priority access via invite code still, but it actually does what it's supposed to already.

Btw, don't be fooled by the price, It'll come down HARD at some point. The reason it's so high is that most of the coins are still locked, but once those coins get distributed, it'll even out. If you would calculate the marketcap based on existing coins, you'd get around 800-900mil Dollar as I type
So, tradingwise, this thing is a bitch. Still, the tech and market it plans to fill is very interesting.