ethereum has already proved its strong infrastructure with its blockchain, smart contracts and several token standards. on the other hand waves is still in the beginning of its developing stage and need to be useful to prove itself.
Actually I believe both are at the beginning phase of development. Both have their own strong and weak sides when compare.
I agree with you, that both are just in the beginning phase of development and have a long way to go ahead.
Still Ethereum is my favourite, because already have a lot of successful projects build on its platform.