Have a Fanatic Freewave 78. Love it!

Live in Auckland so real waves are hard to find and I had read that there is no point in a waveboard if you can't get upwind to the waves in any case. Haven't actually sailed a real waveboard so can't comment on the difference, but the freewave certainly goes upwind well when powered up. Not so well if underpowered.
I imagine it is faster than a waveboard as I have started to want the thing to slow down so I can play in the small stuff.