I've used the Kahoona V3 7,5 in the waves in pretty much all winds. Others keep trucking about on 12m kites and I can still have a blast in the waves on my Kahoona and an Underground Freewave 5"8 by just moving my feet a bit forward on the board to get more float.
Anyway, the Kahoona v3 floats really well and slack lines are not a problem. I have never dropped it (but it's been very close a couple of times when I refuse to get off the wave because it's so good).
Only snag with the Kahoona V3 is that the bridle is so long that it could potentially get stuck on the wing-tip. It's never happened to me but I'm worried about it whenever the kite is in the water (yes, I've put it there many times by human error...not because of backstall or drifting problems).
I'm not a best rep, teamrider or anything. I just love that kite. I'm sure there are a lot of great kites out there but I find the price/performance ratio of the Kahoona to be great for me. Also, the Kahoona is very light (low weight) and I really think that contributes to the great flying charactaristics.
I did not like the V2 because it did not have a smooth depower. I guess the V4 is even better (faster steering and a tad bit less bar pressure according to marketing).
For me, the v3 7,5 is perfect but I'm thinking about getting an 11,5 v4 to replace some big 13m waroos that I don't really like for waves.
I started kitewave for a about 6 months. Yeasterday I saw a nice Ben Wilson clip of how to unhook in waves. But I questioned myselfg yeasterdey a think one friend told me a while ago: what size of kite should i be using... he told me that he heard from a friend that u should always pick a smaller size than the one u are usualy using for the wind condition, cause it will have less bar pressure, and the wave boardhave more flutuation, so it will help?
i just wondered how smaller it should be, or if it realy should be smaller or not?
I personally like to go as small a kite as possible but still get back upwind ( even if I need to sine the kite a lot) I remember one week on holiday I only had my 6m kite because my bigger kite exploded. I was very frustrated but it was a blessing in disguise because i was forced to learn how to fly the kite more and use the board to stay upwind. Best thing that ever happened. For my board I use whatever I regular surf on. A 6'4" for me but everyone has their personal taste. I like the board to work even if I turn off the kite power so I like the extra flotation (also means I can ride a smaller kite!)
Btw the above only really applies for waveriding not freestyle of course.
Oh and to stay on topic i really like the ozone reos now. But there are a lot of good wave kites these days. It's very personal.