Necropost:
Well, I had a first generation Wave that exhibited the loose opening and closing of the handles. I sent mine back to Leatherman, where they performed the *repair* that's detailed above: impacting the handles in a little more so that it rides more firmly on the ramp.
When I got the tool back I was shocked. Not only were the handles even looser on the plier ramps (now flopping open/closed), but also the indents caused by the Leatherman Tech person were very unsightly.
I called Leatherman, and they quickly replaced the whole Wave with a new one, so no real harm done, but a word of warning about this "repair".