We went a couple of years ago. At first, like everyone else, we waded out to about chest deep water. When the huge wave came, it did take you for quite a ride, but it was what you expected, so it wasn't too bad.
After a while, though, my 2 kids and I decided to take a little break from the center of the pool, and so we went to shallow end, and just sat down in about 2 inches of water. While we were waiting for the wave to come, and hopefully get us a little wet I happened to look over at the lifeguard. He looked at me, and just kind of rolled his eyes (I think he had a little smirk on his face as well). I just figured that he probably thought we were being chickens for only wanting a small bit of water to greet us.
About 20 seconds later we heard the big boom, indicating that the wave was on it's way. As we sat there waiting, it seemed like the wave that was rushing towards us for some reason didn't really seem to be getting any smaller. I mean surely, by the time it would reach us, it would just be a small wave of a couple of inches or two, right? WRONG. By the time we realized that we were sitting down in front of a wave that was still a good 4 feet or so, it was far too late. The next thing we knew we were tumbling along like some tumbleweeds in a strong desert storm. That wave must have transported us a good 30 feet, all of which was across the very rough bottom of the pool. Maybe because it's because she's so small, and doesn't weigh much, but my daughter came out of it in pretty good shape (a bit dizzy, but pretty much without any extra damage). Both my son and I however, were bleeding from quite a few different spots, and the injuries we got were the kind that would last us most of our trip (not exactly the kind of souvenirs that you are hoping to take home).
So, I say all this to simply let you know that if you are in the water at all when the wave comes, it can knock you around quite easily.
I would also say to watch out for human projectiles. Many people get swept away with the wave, and they have no way of controlling their destiny. If you happen to be in their path you will have a rather intimate encounter with their rapidly moving bodies.
Another thing I noticed while watching the Disney photographers (who seem to have figured the whole wave thing out) is that if you want to avoid getting tossed about, the best thing to do is to dive deep when the wave comes. Every time I saw them, they would be standing in a certain location, and just as the wave was about to hit them, they would go down to the bottom for a few seconds, and then pop right back up where they were.