It really depends on for what purpose do you need your tokens. Because with ethereum you have many people that have built the infrastructure with many smart contracts and dapps and it might be better in a sense that you can find a lot more information, ask many more people for help etc.Although ETH has it's own decentralized exchanges which other people have built such as EtherDelta.
On waves it is much easier to deploy your tokens as you can do it with simple GUI and thus it makes it faster to deploy tokens. On the other side Waves might be cheaper. Waves might be better in a sense of volume, because there is only one DEX where most of the people trade, where as within ethereum you have different exchanges with different volumes.
You can create and launch tokens using WAVES and release them if soft/hard caps have been reached and buy those tokens using BTC, visa/mastercard, ETH, WAVES, LTC and maybe more. The exchange to trade is fairly straight forward too. No real technical know-how necessary, fairly easy to use and basic to create tokens. All you need to do it is have 1 WAV in your WAVES wallet (currently just $3.47)
It seems 99% of ICOs are using ETH contracts where ETH purchases ETH tokens but WAVES can do the same things by providing greater token purchase flexibilty with multi-crypto and visa/mastercard purchase.
I am trying to understand why ETH contracts are so popular and WAVES are not