I recently took a class and serged an entire quilt top. The Babylock educator Sue showed us some quilts made by the serger. One had the wave edge you mentioned and one had a traditional binding but with a wave stitch added.
They took the traditional binding, folded in half lengthwise, then ran the folded edge through the serger doing the wave stitch. Then they serged it to the back, wrapped it around to the front, and with a sewing machine stitched in the ditch along the flat edge of the wave stitch.
I preferred the quilt with the binding because I think it would wear better, and the edge was "cleaner".
The Evolution is a great serger. I have the Evolve that I bought years ago, and I couldn't believe how quiet the Evolution was. I even asked the educator about it. She said that yes Babylock made improvements to the serger to make it hum. If you are considering buying a serger, Babylock is the only way to go in my opinion. So many serger owners don't use their sergers because they are a pain in the neck to thread, and they have tension problems. Babylocks air-threading and auto-tension can't be beat.