It's just worse. At least as a flat-out replacement for
evacuation, it makes little logistical sense: the corner cases where Wave would be better aren't going to come up often enough to justify it's inclusion,
or the times when the opponent(s) benefit from it as well... the main mistake I see people who exclusively play EDH make is assuming they're the only motherfucker crazy enough to put krakens in their deck just so they can use that line from Pirates of the Caribbean.
Putting it in the deck side-by-side
with Evac, or for tribal synergy, on the other hand, isn't such a bad deal from what I've come to understand - hoovering the board is an awesome effect, and even if the card is Evacuation Jr. it still accomplishes the task at hand.