Fom what I've tried out so far, the Waveform tree is pretty good and it provides enough value in both MT and OT roles. Stifling Assault does not give enough of a benefit to spend points in, even when all 5 increments are present on a mob. If it were to debuff 1-1.5 more attack speed per increment it could be better.
Also, Fluid Combination does not currently light up when Waveform is on a mob, so it's a bit harder to track when you can use it unless you use a third party UI add-on.
The middle stuff is good. Tranquil Constitution provides enough value for 3 points. I like Serene Energy but I would have to agree with the others that it should either have the chance to proc more or give a slightly bigger ward.
I haven't tried out the left side yet, but just from initial impressions it could be better if the minimum range on Winds of Salvation was reduced to 5m. It seems really limited in use for the time being but then again the value of the ability is dependent on the content. Winds of Retribution will be very good, especially if we are able to play around with riposte chance on the new gear and get it capped.