I am a little concerned with how many moving parts it has. Seems to me something like that could be a maintainance nightmare.
From Slashdot: New Scottish Wave Energy Generator Unveiled
"We've learned about Scotland's wave energy initiatives in the past, and just this morning the nation unveiled Aquamarine Power's next-generation Oyster 800 wave power plant. The new generator can produce 250% more power at one third the cost of the first full-scale 315kw Oyster that was installed in Orkney in 2009. The device's shape has been modified and made wider to enable it to capture more wave energy, and a double seabed pile system allows for easier installation."