Note: I'd like to apologize for any bad grammar or spelling errors. I am way too tired to do any editing right now. =P
So, I labbed this out with a few buddies, and after quite a few matches, I found this piece of tech to have some great strengths, but one weakness. (Which can be fixed with proper spacing and smart usage of the tool) While playing some friendlies with my buddies, it seems that this particular piece of tech can be used as an effective aerial mixup. I would use such things as cross up nairs and tippered fairs to condition my friends to think that I was preferring aerial approaches. After conditioning them, I would then do a short hop, they would shield, and then I would wavebounce side-B and waveland in for a grab. When mixing in these wavebounce side-B's with traditional aerial pressure, my friends couldn't really figure out what to do besides spot dodge or roll backwards. Either way, this move has proven to be very effective for fake pressure, because they couldn't really tell what I wanted to do out of my short hops.
Another application for this is completely non-committal platform pressure. However, seeing as we play Roy, most of our platform pressure (besides the Sethlon) should be non-committal in the first place. This means that, right now, I don't know how this move can be used for platform pressure, besides maybe doing it directly under them and wavelanding into maybe an uair string or something.
A third use for this piece of tech could be to out space approaches. One of my friends plays Lucario, and let me tell you, he REALLY enjoys dash attack because if it lands on shields, he can convert it into decent shield pressure. Seeing as he loves dash attack, I found that reading his approaches and doing a wavebounce side-B allowed me to outspace him just enough to waveland dtilt, regular land fsmash, waveland grab, or many other punishes. This may prove effective against rushdown Foxes if my theory is correct.
The fourth, and final use is very niche and only really effective if you love platforms as much as I do. Seeing as I play around on platforms a lot with platform drop fairs and uairs, I can mix up my staple platform approaches with a run off --> instant wavebounce side-B to land back on the platform. This may not seem like much, but let's expand upon this. Now that I know I can wavebounce off of approaches, I can keep doing my regular approaches, and once the person gets a solid read on those approaches, I can add a delayed wavebounce approach into waveland grab or waveland backwards to reset to neutral. Either way, I'm not really in any trouble, because most people punish my regular platform approaches by shield grabbing me. Now that I know my opposition will be looking for that shield grab, I can force a shield with the platform drop, and then wavebounce to waveland grab on their shield.
The one weakness for this tech, though, is that it needs a certain amount of space to work. When someone is in your face 100% of the time, you probably won't find much time to do a short hop to wavebounce side-B. This means that you may have to throw this piece of tech out the window against characters like Wolf (Who can created a wall of projectiles and approach ruthlessly) and Falco. (Lasers. need I say more?) This could also just be a fake weakness, because I've only been messing around with this tech for one day, meaning that I probably don't know how to effectively use it under pressure.
On a side note: @
Sethlon
What do you think of frame-perfect side-B OoS? I found that if I side be on the first airborne frame, I could stay grounded while side-B'ing. Do you think this could be effective against anyone who crosses up your shield with a higher lag aerial? From what I read on your guide; side-B comes out on the same frame as bair.