Handled a Waterway today, on a shop.
Overall feeling is great, balance is very good and the knife is beautiful.
The handle is indeed on the thin side. When I read here some posts saying the handle was thin I thought it would be ok for my average hand size, but they're in fact thinner than usual.
I think it is a great design for backpacking, not for hard tasks but it does seem like a great belt knife.
Only reason I didn't bring it with me was the lack of funds. It is selling for 190 euros.
I think this would also make an excellent "tactical" knife. An all black version would satisfy many people for sure.