I don't think Wave 1 will make a playoff spot unless they get the luck of the draw of playing the lower teams as every one calls it. I think they will be middle of the pack. Have not seen them play against any of the top peewe A teams. I think their size will affect them. Just my guess from looking at who they have played so far.
I believe they are all '06s... and thus far, they've been doing quite well. They're fast and skilled, which is tough to beat at this level, regardless of size. Teams dropping from AA will affect things, of course, but I'd be surprised if they didn't make the playoffs or come very close.
If you want to look at a problem '06 team, look at Kings 2, the all '06 PWA team. All the elite talent went to the AA team, which is '05/'06. What was left has no business in PWA, let alone PWBB or PWB. Several kids on the team played SQB last year... and not that well. If they stay at PWA, they will be lucky to win one game, let alone score more than 20 goals on the season.