Well, What.cd has one advantage to waffles.fm and that's their quick organization. They have managed to create a new tracker, with over 6k users and 10k torrents in less than one week while waffles.fm had a long anticipated grand opening ... and nothing's happening yet I'm sure that some users will join soon or have joined already but it all points to a slower start for the newest of music trackers. From what I've read in their IRC/FAQ it will take up to one week for all 1500 invites to be sent out and beyond that, everything needs to happen with invites from users.
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