The Channel Wave View feature is an interesting one and I can see some uses for it.
The thing that confuses me is the fact that that feature cant be used for the channels you need it most on, The Master fader or Group Channel??
For those of us working in a production environment where time and money are always the enemies, having a realtime visual reference of the 2 buss and its wave shape would be a HUGE time saver. Granted not every mix is done ITB but for the ones that are, not having to bounce back and forth between Soundforge or Wavelab to get a visual representation of what our 2 buss effects are doing would allow much more accurate judgement, especially if your attempting to Master right our of Cubase.
Now, before the flames of defending the independent stages of tracking, mixing, mastering start, I absolutely agree thats the idea situation. But there are times when thats not possible or desirable. More and more DAWs are starting to offer in-app processing of the resulting stereo wave and this would be a powerful step in that direction.