First, a brief intro to WaveMaker. WaveMaker has two parts: a visual builder that runs in a browser (think of an updated MS Access for the web) and a runtime Java framework that runs in any Java server. The runtime Java framework is licensed under the Apache open source license, so there is no lock-in, you can use WaveMaker to generate your Java project and then open the project in Eclipse, IntelliJ or NetBeans.
You can create a complete Java web application using WaveMaker with just three mouse clicks:
WaveMaker Studio was built in WaveMaker, so if you want to know what kind of apps you can build with WaveMaker, it's easy to see! For ISVs, it is also easy to embed WaveMaker Studio within your application, providing a build-in configuration tool for SaaS applications (similar to the Force.com tools for SalesForce).
You build an app by creating or importing a database schema then connecting it to UI components using drag and drop in the visual builder. Once you define or import a data schema, WaveMaker automatically creates custom enterprise data widgets that can create, read, update and delete information in each table.
So now, on to your questions:
And what does it produce?
Please try it out and let us know what you think - the free download is here: http://www.wavemaker.com/downloads