The non-keyboard Blofeld is a very affordable wavetable/PPG Wave-type synth actually. And it has 3 oscillators with loads of wavetables to choose from. Including the most popular ones from the PPG Wave series, and some other waldorf synths. The keyboard version can load samples like you could from the Waveterm. That's disabled on the module version. Guess they didn't make room for a harddrive in it.
The most glassy etheral and awesome pads can be created in seconds by picking some random wavetable on two oscillators and sweep them with separate LFO's. Add some slow attack and release and you've got ambience until your ears fall off.
And if you want aggressive nastyness, you can get that too, both the filters and the effects have overdrive sections, and lots of distortion models (bitcrush is a favorite for nasty metallic sounds).
Even the famous glitchyness can be replicated, since all the wavetables have the standard "analog" waveforms at the end. Gladly you can disable those if you just want a smooth sweep, whereas on the PPG, you'd have to FINELY tune the sweep range to avoid those glitchy parts at the end of the tables. Add to that loads of filter types (including a PPG filter), an awesome arpeggiator, a big LCD screen, and you got yourself a monster.
And if you want to riff out JUMP and FINAL COUNTDOWN sounds, you got 3 oscillators with all the usual waveforms to mess with.
And even better, it won't take up your entire livingroom table.
I love this little thing, it's the biggest noisemaker in my entire arsenal.
I think you'd have to search wide and far to find a single Waveterm that still works. The PPG Wave 2.2/2.3 itself is also very rare, and VERY expensive.
Most Blofeld demos on the web are so loaded with effects you hardly hear the actual sound beneath them..the best way is to go simple and add one or two effects as you play.
Here's the fact page and audio demos galore:
http://www.waldorf-music.info/en/blofeld.html
And btw, the chassis is pure metal, no plastic.