This subject has come up a lot on this site over the last couple years. From where I sit:
I've had my WaveMaster for a couple years now. The cooling is not "horrible," nor are the stock fans objectionably noisy. Sitting down at my feet, I can barely tell my computer is on.
Cooling adequacy with this case depends almost entirely on how hot your components get. Unless you're running a scorching hot video card and a high-end P4 CPU, and several Raptor HDs or something, the cooling should be fine. A common misconception on this site is that gobs of room-temp air must be drawn into a computer for "proper cooling." This is utter nonsense in all but the most extreme systems. Components like vid cards and CPUs (or multiple HDs) give off heat, and
the amount of heat is what it is. You don't need to cool those components -- you simply need to evacuate the heat they produce quickly and efficiently. Intake air does not do much towards evacuating the heat these components produce -- it merely mixes that hot air with room temp air that is likely to be a bit cooler, thus lowering the overall in-case temp a little (theoretically). But that should not be necessary -- the inside of computer cases is quite small (obviously), and if you have fans blowing the hot air out within a second or two from the time the component gave it off, what's the problem?
Since the stock config of a WaveMaster only has one 80mm exit fan at the rear, the key to making the WaveMaster an efficient "exiter or hot air" (for lack of a better term) is, IMHO, to remove the USB port assy from the top of the case and put a fan there, blowing outwards. In WaveMaster circles, this is called the "blowhole mod." Hot air rises (simple physics here), and putting a fan in the top will obviously blow the hot air, that naturally migrates there from the CPU. vid card and HD(s), right out of the case -- almost instantly. The bracket you need for the blowhole mod comes with the case, so all you need to provide is the extra fan. I use a Panaflo 12L (same as an L1A), but you can use a 12M if you want extra ooomph (but with some extra noise). It takes about five minutes to do the mod.
SVC sells (or used to) a front panel USB port thingy that you can put in a 3 1/2" drive bay like where the second floppy drive would go. That's what I used to replace the USB ports that normally reside in the top of the WaveMaster. Works perfectly.
I actually like the low intake of air from the front fans. They bring a little bit of air in, but not so much that you have to clean the dust out of your case every month or clean fan filters constantly. My rig runs cool and quietly and I've never had a heat problem.
IMHO, the case is great. There are some things I don't like, like the use of 80mm fans instead of 120mm ones (or at least 92mm), and drive rails for the HD and optical drives would have been nice, but overall the build quality and "fit & finish" are so excellent that the pros outweigh the cons. But hey, to each his own. If you're running scorching components and want wind tunnel cooling, the WaveMaster is not for you. Otherwise, I think you'll be happy with it. Just my $.02.