Soul Warden pads your life total with every creature that enters, Rhox Faithmender doubles that lifegain, Greed lets you pay life for steady cards or bodies, and Unburial Rites adds redundancy
Its a really elegant design, particularly because it makes a token when it enters, ensuring you get to draw at least one card for three total mana
People who enjoy graveyard shenanigans in Commander should love this card
In theory, with a Naban, Dean of Iteration on the battlefield, you only need half the number of blue mana symbols on the battlefield to make Master of Waves good (for example, in the worst-case scenario where you have just a Naban, Dean of Iteration and a Master of Waves, you'll still end up with 10 power across five bodies, which is a pretty reasonable deal for four mana, and if you throw just one other Wizard into the mix, things cat get out of hand really quickly when Master of Waves' enters-the-battlefield trigger is doubled)
How about the ceiling