I really don't see why anyone could have a problem with this...
If you don't like wavedashing, think the code is too long, or whatever, just don't put the code on your SD card...
The code is out for those who want it, right?
I for one don't want to see wavedashing in Brawl + but this is fine. I won't have MAD or HAD on my SD card and the problem is solved.
And I'm fairly certain we can safely say that if B+ goes to a mainstream level and we see tournies hosting this, chances are in favor of no wavedashing. The idea of B+ is to change the general feel of Brawl as little as possible while making it more competitive, am I right? That alone pushes more towards BAD.
But this is an option for those who want it for when they have friends over and play a hacked version of Brawl.
I tried it out out of curiosity though. The fact that you can't repetitively wavedash does make me like this and it isn't as broken as the old MAD at all. There is still options out of the wavedash but it feels much more like it was in Melee: A spacing tool with some offensive options added in there. I still found myself running more often and I was only using it to make a quick get away and then come in with an aerial or something. The "4th jump" is useful like it was in Melee for characters like Solo Ice Climbers or Solo Olimar as a last ditch when you need a small boost in height but at the same time I didn't use it as much as you might think. Solo Olimar gets a vertical boost from Up B anyways, Solo Ice Climbers has Side B and etc. If you really want wavedashing I would suggest it because it does work well while still preserving options in the air and it isn't as broken as the old MAD.
I'm not going to use it but it is nice work from PW.