Okay, so I just listened to that song and the entire rest of the album. (When you hit me earlier I had only heard around four songs from TLOP). After a full listen through, I would have to say "Waves" is probably my least favorite.
I feel like I understand the purpose it serves for the record: it is a pretty traditionally structured "complete" song compared to all of the more abstract/rough/raw/emotive/freestyle-ish type tracks that the rest of the album seems to be filled with. Because of that I think it made me feel the least.