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The best way to look at Wave's current TPM-based solutions opportunity is to reduce the issue of "TPM usage" to enterprises using them in an analogous way to how mobile network operators (MNOs) use the SIM card to hardware credential the identities of their account holders to devices such that they become "known authorized" devices for the purpose of accessing the MNO's network. For example with my credentials as a Verizon user secured in the hardware of a SIM card, Verizon can absolutely be assured that only my authorized device and the devices of other authorized account holders can access the network. This is because for all intents and purposes it's impossible to spoof or impersonate user keys held in hardware. Short of transferring a SIM card to an unathorized device, against which there are safeguards, there is essentially no way to hack or impersonate SIM hardware-secured identity.
An enterprise can use a TPM in an essentially identical fashion to how an MNO uses a SIM ie. once devices (and users in turn bound to them) are credentialed into the hardware of a TPM, only "known authorized" devices can access the corporate network, completely eliminating the "unauthorized user using an unauthorized device" attack vector.
Although Windows 8 provides the functions to provision a TPM and a virtual smart card, enterprises require management tools from an ISV such as Wave to both deploy and manage enterprise-scale deployment of devices and users.
While Wave's VSC 2.0 solution enables both device and user-based authentication, it competes directly in the enterprise user only authentication market where the leading vendors including RSA The Security Division of EMC, Vasco, SafeNet and CA Technologies supply mainly tokens-type solutions ie. hardware external authenticators (expensive to deploy and maintain) and their embedded software counterparts (spoofable).
