I think the wave events are good. The land areas are pretty large like Littlestar said but it they work, I would be concerned if the area was made smaller that there would be a lot more agro from the mobs and more difficult for a solo player of low level to help with.
If I was to do anything with the wave events I would add a few more in.
An underwater wave event would be cool for the Caboria, and I would also have a wave event for the Mokhat.
There is a series of small unused island that could be raised and made into the mokhat wave event for example
/wp [Planet Toulan, 132284, 95987, 101, Waypoint] and for the Caboria possibly in one of the lakes where there is no other mobs.
Only other suggestion I could comment on would be to have wave events that had a mission/story attached to them to earn points and earn items/armor/tokens/something as well. You could also have the mission/story involve every wave event and the wave events boss..
lots of ideas!!