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I'm unimpressed, just reading through their FAQs and general info to writers.

What rights do I give up by posting my project on ReadWave?
None. By uploading your story onto ReadWave you grant us a very specific license to display your project on the ReadWave website and Facebook application, but that's it. We won't ask for a 'first option' to publish or produce it, or take away any of your rights of ownership, and you can continue to submit your manuscript to publishers and agents by other methods.
This is wrong. If the story was previously unpublished, you have given away first time electronic rights to the story. Publishers that require first time rights won't accept the work. If you aren't interested in trade publishing, this is a non-issue. But if you are, you could end up on the wrong side of a publisher by offering the story as unpublished when it is in fact.

Does posting on ReadWave stop me from getting a traditional publishing deal?
No, in fact, quite the contrary. Writers with a proven readership are more valuable to publishers, not less. Lots of books have become successful online before being bought by a traditional publisher. It's also a good idea to prove to agents and publishers that you have the enthusiasm and skills to make your project a success.
See my comment above. If a publisher is interested in reprints, this is a non-issue. But if the publisher wants first-time rights, it is.

4.Linking!
You should openly share the link to your ReadWave story in as many places as possible (for the technically minded of you, this will also increase your SEO ranking).
This won't help your SEO at all. But it will help THEM.

Looks like just another site mooching free content and expecting writers to promote the site for them.
 

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Looks like a fun site. But I can't imagine that it can compete with Wattpad and its massive readership. It's probably doomed.

I just uploaded an excerpt. I couldn't care less about first digital rights or SEO. I'm an amateurish hack.
 
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