Hello Brian,
I have not heard the Waveforms so I cannot give a comparison but am familiar with the OB-7. The tweeter is not open in the back (don't know if Danny has this option available) but the midrange is exceptional. With a larger room for the speakers to breath, they provide an very wide soundstage.
With the OB-7's sealed cabinet, the bass is very tight and fast. Not quite the extension as the OB-5 but I would prefer the speed and dynamics over a few extra frequencies.
Using crossover components of choice, you can warm them up a bit or stick with the SoniCap crossover for a clean articulate presentation. I personally preferred a warmer sound from the tweeter but this is only personal, subjective preferences.
Being a kit you can build yourself, you can finish to your liking and decor.
For the money, the OB-7 is a no-brainer.