Overall I'm pretty please with what I've seen of the game so far. It won't replace Labyrinth Lord, or that style of gaming, but it should fill a spot I've been missing in my game repertoire for a while: the no-prep pick-up game. I can get pretty close with Swords & Wizardry and a pre-made megadungeon, but In A Wicked Age is just that much better for the kind of spontaneous, at the table craziness kind of gaming my high school friends and I would like to be able to do when we get together on breaks.
I don't think that Wave is really the best format for this kind of thing, though. For one thing, I think this kind of game really benefits from the constant creative feedback you get at the table; there's no need to specifically comment on whether or not something is "cool," because everyone can tell, from posture and tone of voice and that kind of thing. Wave also has some specific issues, too. It's easy to create a very convoluted, hard to keep track of Wave with a lot of people working on it, or to bury vital information somewhere that it's not easily accessible. And because of the way In A Wicked Age uses interruption and retroactive modification, the log can become a source of confusion rather than clarification. In table play, there wouldn't be that gap between "what happened in-game" and "what happened at the table," because what happens at the table disappears.
We're playing again tonight, and this time on Skype, so we'll see if that clears up any of those issues. Of course, we weren't expecting to play by voice, so that may be an adventure in itself: we're all playing cross-gender. Well, except for me, since I'm not sure that my magical virgin-eating giraffe has a gender.