At first glance, this struck me as trash. The sub doesn't do much until it's powered up, and even then it's cheap to break, since the number of Harmonic ICE only increases Wave's payoff, rather than add subs or strength. And near the end, the runner can just run though it to grab the game-winning agenda.
But I think I get it now. Wave isn't really trying to be a piece of ICE.
You see, when Wave was little, it wanted to grow up to be an operation that said "0: Increase your Harmonic ICE count by 1." Instead it grew up to be an ICE, so this was the best it could do, but it actually didn't land too far from its target. It won't stop the runner or tax them much, but it counts as a Harmonic, lets you fetch another one, and the runner will probably let it fire a few times, so you'll recoup the investment of installing and rezzing it.
The only real problem is that there isn't yet enough Harmonic ICE in the game for "0: Increase your Harmonic ICE count by 1" to be any good.
It's really hard to evaluate its strength without seeing the rest of the Harmonic cards. Will have to revisit this card after the entire Borealis cycle is released.— DDarkray