Hi alea,
I wish I could type like you, your post would have taken a day for me to publish. I'm more of a talker LOL.
Seriously, I bow to your history and in depth knowledge of Wave and the industry they are playing in.
In the end I can only say as an investor that the DOD (and UK) appear to be getting serious about utilizing the TPM's already in their installed base and using Opal compliant drives for Data at rest security solutions.
If by June 2012 nothing is driving the SP north from these levels in a meaningful way then I will concede that Wave's success may take years to evolve (for what ever reasons) or may be only a niche player in the PC security world.
Don't know what else to say.