Zeev, it's good to look for weaknesses in the concept. I'd hazard a guess that these weaknesses have already been addressed, but I'd suggest you address your concerns to Wave also (I'm not suggesting that you don't post here. By all means. Address these issues -- they are important).
Len Veil is the CTO. (lveil@wavesys.com ). I'm sure he can provide intelligent answers to any questions the board can't answer.
(Off hand, though, I would suggest that wi-fi within a TAN infrastructure would be verboten...)
"Absence of evidence is not evidence of absence. - Carl Sagan