From the homepage:
The design goal for waimea is to create the most efficient desktop working environment available. To achieve this waimea is a fast and highly customizable virtual multiple desktop window manager. It has a very advanced style engine with features like blackbox style support, pixmap style support and transparent textures. Text can be rendered double buffered using both X core fonts and Xft fonts. Waimea also includes a fast lightweight menu system with dynamic menus support. The built in action configuration system makes waimea the most configurable window manager available. It allows the user to set up waimea to behave as any other window manager or in new ways never before possible.
Features already included are: