I always wave, but most of the time I just get a puzzled look back (90%+ of the time). My findings thus far are..
2011 SWP WRX = 5-10 waves over an 8 month period. Most of the waves were from 2009+ owners. I never got a single bugeye/blobeye to ever wave back.
2012 PBP STI = 15-20 waves over a 4 month period. People seems to respect it.. or its just plain flashier. Only 1-2 waves from Bugeye/Blobeyes
2002 Aspen White WRX = 3 or so waves over a 4 month period, all while my wife was driving. 2 of the waves were bugeyes.
I don't think bugeye/blobeye folks around here like waving...