The wave equation predicts the ultimate capacity of a pile for a given hammer and cushion system in an assumed soil profile AT THE END OF INITAL DRIVE. As with any analytical tool it is not perfect and should be verified with a test pile program. It does make a more reliable perdiction than Engineering News Formula. It also allows you to acess fuel settings and energy rating for driving with a diesel hammer. If the piles are light say 40 tons or less and the consequenses of settlement are not great, Then you may be able to design piles based on Wave equation. However, for most applications, a test pile program should be used that incoperates at least PDA and prefferably CAPWAP and static load testing.
The wave equation will not tell you actual energy transfer.
The wave equation will not predict relaxation or set up
Monotube and taper piles require residual stress analysis.