Wavy pages are caused by humidity in the paper. Mine are wavy too but when i talked with the product engineer and quality assurance managers about this they said it would settle out and flatten.
As for the paper stock and ink, the ink and paper are the same as we used in 3.5. The smudging can happen and it depends on many factors including the oils and acidity of your hands. We do test for this stuff through our QA process and we found the inks and paper durability was within normal tolerances (but obviously is a bummer if it happens to your books). I have tried the smudge test on books here at my desk (PHBs and KotSF) with my own hands and not had a problem. Could be my body chemistry is fine with the books although the oils on my hands don't like the inks on my car's buttons and several of them that I use often (like the radio on/off ) have smeared ink now.
Other issues like uncut pages, double prints, etc are quality problems and should be returned to the store or contact our CS department about an exchange.
It goes with out saying as with any purchase keep your receipt. You FLGS and our CS team will likely need that.