To answer your question no the wave is not worth it. 15% chance of 15 extra damage. Kills fire elementals salamandars on first hit. Wohoo... The dragons breath is better. To get the Holy Avenger you have to kill Firkragg. He's a Red Dragon and very very tough. Only paladins can use it.
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Everyone is entitled to their own opinion, I just don't have to listen.