I think features wise, the AB and the flashwaves are pretty much a wash. I think the AB's have more range, and the flashwaves have a hotshoe on the receiver, plus comes with tons of cables.
I believe build quality is also a wash. There are some claims that the AB units are flimsy, but the owner of the company seems to feel that they're very robust. And I think he's got millions of dollars into it, and is on the second generation of this type of product. (The first gen, he was working with the company that makes the ebay triggers, and he said they couldn't/wouldn't overcome some technical problems, including FCC compliance. He decided to manufacture them himself in the USA).
But, pricing is where the ABs win. $60 for the transmitter and $70 for the receiver, vs the flashwaves at $99 for the transmitter and $150 for the receiver. The ABs will likely need a $20 adapter to work with whichever flash, but that's still a $60 gap per receiver.
Flashwaves do seem to have a more attractively priced package if you buy all at once. (1 transmitter, 2 receiver, $310). Even then, the ABs would cost $200 for the same, say $240 including adapters.
One more thing in favor of AB is a crazy commander unit that he's got in the works.
(link) And a buyback program for old noncompatible units.
I think as a hobbiest, I need the triggers to cost less than the flash units
, and I hate dealing with cheap crap. Aren't the pocket wizards like $180/unit? And they can be xmit or rcvr, and have some nifty features and have proven their build quality? Ah, I guess you'd need a gaggle of $20-50 cables and adapters, so they'd come in a lot higher than the flashwaves....
EDIT: Oh, couple more features for AB. You can daisy chain them to extend range, and someone's gotten them to sync at like 1/2000.