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Don't bother waiting on wave 1; I can tell you FOR CERTAIN there is not going to be a fix on them. Mattel needs months in advance to make any changes to any figures; wave one has already been produced, and what you got now is what you will keep getting. From what we've heard, they are right now working on the problem, which means it's almost dead certain wave 2 will be the same, as we may be too late right now to fix those. We might see an improvement by wave 3.
Toy production is a long process, and in this, Mattel isn't really that different than other companies, although their time lag seems a bit longer than, say, Hasbro's. But no company could fix, re-tool and and start up production again fast enough to get those repairs out right now, or even before wave 1 stops shipping.
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