The name of the reel has been changed to WaveSpin and it picked up the Innovation Award from TackleTour.com in its review.
Besides the Field & Stream "Best of the Best" award for spinning reels, Jerry Gibbs the fishing editor of Outdoor Life magazine called it the first significant improvement in salt- and fresh-water spinning-reel design in more than 50 years. What sets the WaveSpin apart from its competitors is that it's virtually impossible for the line to birdnest during a cast. See Jerry's blog on O. L.
It's definitely not a gimmick... It's quality made, is lots less expensive than other "big name" reels and it's for real. Gave one to my son who was always tangling lines.... he loves it and spends more time fishing... and catching.