To be honest, I haven't read all the posts here, so if this was addressed already, then I'm sorry.
This whole waxing thing got me thinking a bit... waxing the CB won't just affect the way the CB moves but also the contact with the cue tip. If the CB is more slippery, then there will be more miscues, and it'll be harder to apply extreme spin.
This will also affect the guilty part that will require staying closer to the center of the ball and will require quite a stroke to spin the CB; this is something that actually the Filipinos are pretty good at. We did see quite a lot of miscues during the tournament.
That really hasn't been my experience when experimenting with teflon/silicone sprays (for trickshots and fun, NOT cheating)
1. Miscues are not common if you use chalk.
2. Staying close to center is not necessary.
3. As far as action on the cueball, you get more, lots more. You will draw further than ever before, with the same effort.
The one thing that may be reduced is grab on the rails. My experience was that sidespin grabbed slightly less. Still you are getting more roll. The table will play as with brand new cloth, for better and for worse. Less grab on the rail, more slide on the cloth, further roll on the cueball. You could get increased "kill" action with forward spin if the object ball is close to the rail, but with modern cushions this still doesn't happen a lot. Also throw will be reduced. Cut shots will be simplified once you adjust to the reduced throw.