Zen, they didn't seem to have a problem selling a pizza chain. When they had success with that, they should have hit the street with some closers and went after other small/medium sized companies.
I agree that they don't have a high enough client profile yet to point to. It was Waves job to get a high client profile. Whatever strategy they had, simply did not work with regard to closing enteprise deals for TPMs.
I'm sure you recall that SKS on a CC (2 years ago now)said that they had 1M dollar plus TPM upgrade orders that would close in the following qtr.
SKS again stated on the last call how easy he and Wave think it is to turn on. So if it's so easy, than they are not get that message effectively communicated.