the wave feature catches your pocket when you draw it out causing the blade to open when you pull it out of your pocket. Its kind of addictive. Its kind of hard to explain but for an example you can check you tube and find some demos.
As far as the current cqc-7 vs the benchmade 970s, dbz220 pretty much summed it up. The big things that put the Emerson ahead in my book are the thicker liner lock bar, the wave, and the Emerson warranty.
definatly worth looking into, but then again if you already have a good working 970, I would take a good look at the rest of the Emerson lineup. The in hand Ergonomics have come along way IMO.