I'm gonna cover some of the properties of wavelanding in brawl because it is there as useless as it may be at the moment.
When you airdodge you will move in the direction you are already going, so if you airdodge the moment you jump you'll go up and if you are moving you will also move up and in that direction, now to waveland in brawl the character needs to already be moving in the direction you want to waveland, which is toward the ground(which means your character is falling from the jump) and you need to have some sort of momentum because once you airdodge that momentum goes to the airdodge. This will aim your airdodge to the ground and you will slide exactly like a waveland, if done wrong youll do in immediate dodgeroll or nothing, you wont slide very far either.
Unless you are on a level with a big slant(think yoshi story) if you were to do a waveland there you will slide much farther and looks cool but probably not useful, but when sffling and dashdancing and pivots and so on appeared in melee they seemed useless to me and i was wrong obviously, so time will tell.