The Ocean Waves live wallpapers was one of the reasons why I wanted to get live wallpaper so badly. It just looks cool. I tried it out on my X10 and it works well. For best performance I turned off wallpaper scrolling in Launcher Pro, I believe you can do the same in other launchers as well except in the default X10 launcher. With the wallpaper scrolling disabled the phone and the wallpaper works well without any major noticeable lag. The wallpaper is fully interactive, you can swipe to create like a streak in the water and click to create a circle wave.
BUT there is one problem with the live wallpaper, sometimes when your in landscape and then click your home button the wallpaper becomes distorted. Meaning only half of the live wallpaper would show. This has happened me to a few times and is really annoying. In terms of battery usage, this does take a bit of juice to run but I guess thats only if your going to be playing with it for an hour. Overall its a good live wallpaper and is nice to look at and to show to others, if only the landscape issue can be fixed.