When comparing pygame vs Wave, the Slant community recommends pygame for most people. In the question“What are the best 2D game engines?” pygame is ranked 16th while Wave is ranked 33rd. The most important reason people chose pygame is:
Pygame uses Python as its scripting language. Python is widely considered one of the easiest languages to grasp even for beginners.
Specs
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Pros

Pro Easy Python syntax
Pygame uses Python as its scripting language. Python is widely considered one of the easiest languages to grasp even for beginners.
Pro Very easy to understand
The API is very straightforward.
Pro Good canvas system
Pygame has a drawing system that allows the user to create and draw on an unlimited number of canvases.

Pro Extensive learning material
In addition to online API documentation, the Wave Engine team provides tutorials via IndieDB, plus sample projects and "QuickStarters" via GitHub.

Pro Supports coding in C#, F# and Visual Basic
Wave Engine explicitly supports all three core .Net Platform languages.

Pro Oculus Rift support
The Wave Engine team provides an official, open-source Oculus Rift extension via GitHub.

Pro Many components are open source
Several core components and official extensions of the Wave Engine are publicly hosted on GitHub.
Cons

Con Deathly slow
Con Nonexistent community
No good forums, wiki, or other ways to reach other Pygame developers.
Con Very basic
Pretty much just a wrapper for SDL.
Con Pygame is a multimedia framework, not a game engine
Physics, AI and networking are not supported.
Con Messy documentation
The docs are messy, and some basic functions are infuriating to work out. There's even some places in the documentation where it's clearly wrong about how a method is called/what the arguments really do.
Con Outdated
Pygame uses a really old version of SDL and is missing some of the features developed for SDL2.
Con Hasn't been updated in years
Hasn't been updated in years.

Con Mandatory splash screen
Games and applications made with Wave Engine must display a splash screen advertising it. No splash-free license option is available.
Con Not many tutorials available
Con Outdated UI
The UI looks like it is from Windows XP days. A refresh is much needed.
