Both are good and platform based token. I think wave is a platform where you can issue a token in hour and it's very easy and the idea is very good. But unfortunately we don't see many use cases of waves. And where ethereum is the biggest platform based token. Most of the ico till now are based on ethereum. It is the most used and most popular platform ecosystem in this crypto market. If I have to choose I will always go for ethereum.
Where are all these ETH ICO's now?
A whitepaper and hyped non-compliant ICO doesn't make a use-case. Do you know anybody outside cryptocurrencies who has ever heard of a product or service built on Ethereum?
If a real use-case mass product really took off - the Ethereum network could not cope. In this regard, Waves Platform, with the Worlds fastest decentralised public blockchain has the advantage.
Ethereum should (and I think will) address the scalability issues as well as the toxic media issue of POW energy wastage. I guess Constantinople is a first step. Until that happens - ETH is most definitely playing catch-up. These other stupid forks, on the other hand, are not helping ETH at all.