This is a short-range jumping piece that is very close in value to the FIDE Knight, perhaps a bit weaker.
The Pawnless endgame of K plus two WA versus King is a forced checkmate: since we know that two W (and K) can force the enemy K into a corner, of course two WA can do so; with WKg6 and BKg8, put one WA on f7 to confine the BK; follow with the other WA moving to e6 giving check, and finish with (WA)f7-f6 mate.
Imagine FIDE chess with White's Knights replaced by Waffles; after 1. e4 e5 2. WA g1-e3, the WA is well-placed at e3, but it obstructs the path of the Bc1; this may not be a problem for other armies.
In fact, the Waffle is very close in value to the Knight, only a tiny bit weaker. The Waffle is very strong once it gets to a good square, but getting it there can be awkward; and perhaps the awkwardness is merely due to its unfamiliarity.