I am pretty expert at wavedashing, wave grabbing, wave smashing, edge hogging, and all that. However, it's so cheap that I never use it, I think that if you have to glitch out the game to win you're not that good. I definitely hope they take it off brawl, because it gives players unfair advantages. The only thing that I use a wave dash for is to edge hog, which is also a cheap move, but it's a little too much fun to pass up. The only reason I got good with the wave moves to begin with is like Jeff said, because people would probably abuse it on wifi.

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