Hi Jundo, enjoying yours talks.
Just been reading a book in which the author distinguishes between re-incarnation and re-birth.
Re-incarnation being where a soul (or what ever) is actually re-born.
Re-birth being what she says Zen Buddhists accept where there is no transmigration of a soul (as there is none) but (in a similar way to your wave analogy) we are light bulbs pluged into a 'current' when we die our bulb goes out, but the current is still flowing, when there is a re-birth it is as if karma has plugged in a new bulb and the karma from the previous 'bulb' is still there to be resolved.
Mmm... not sure I explained that clearly but is it what you were saying? whilst at the same time saying that it is really of no immediate concern, it's what we are doing now we should concern ourselves with.
In gassho, Kev