I think that there is no doubt that the ethereum wins in this battle! I think that Wave is also a promising coin, but unfortunately I do not really like the team and the development plan, I do not think they have a great future! While the ethereum has a huge potential.
ETH had already won and we can see that on the big difference on the price and the community.
Waves needs time to be more develop and to compete with ETH so it's also a good investment because most of this good coins will succeed.
Actually it doesn't matter who will win as long as they both are successful in the long run.