WaveMaker is a RAD tool that allows developers to create rich web applications using standard technologies like Spring, Dojo, Hibernate, and JAX-WS without complex coding, providing an intuitive visual interface for building database-driven and service-oriented applications. It generates pure Java web applications that can be deployed to various servers and cloud platforms. While suitable for rapid application development and frontend SOA projects, WaveMaker is less suitable for complex transactional systems or workflow applications that require traditional Java EE or BPM approaches.