Is the wave blade better then than the pinking blade?

I haven't seen or tried a pinking blade but this is pretty close. Just know that my pinking shears have always been a bear to use, especially compared to the rotary cutter.

Does it cut down on the amount of fraying?

As I already said .... "I seldom use it and bought it for craft use, not for quilting."

Yes, quite a bit. At first I find teensy bits as they "fray" off the "pinked" edge, but that soon tapers off.

I would not use this cutter to cut blocks for piecing....you can't get as accurate a cut as with the straight blade.

The reason I bought it in the first place was after attending a lecture by a professional quilter....sorry, don't remember her name....who used it to cut out flower petals for her 3-dimensional machine applique work. It just looked like a fun tool to have in the inventory. 8-)

I have one and only used it once or twice to cut the ends of the fabric before washing so it doesn't fray as much. I found it hard to use and it nicked the edge of my rulers. I'd rather untangle all the frayed ends than have nicks in my rulers so I don't use it any more for fabric. It has now gone to my "paper cutting" box of scissors.

I have the pinking blade and I have used mine to trim the edges of my quilt after it has been quilted and the binding has been applied to the front. It is, in my opinion, harder to get an accurate cut. A prolific blogger quilter finishes her quilts in this way and I thought I would try it.

I mostly use mine in non-quilting sewing, though. I think it is a handy tool to have. I had an extra cutter so I bought the blade and I just leave it on so it is ready to go when I want it.

I'll echo that!!... and also very easy to leave the ruler and run askew.

I use mine to trim fleece blankies.

I have one, but to be honest, I've never actually used the pinking blade, so I'm no help, sorry.