Whilst I agree that Audio Analysis is Important, even essential, adding in the "Compulsory" Waveform tag/field data was a badly thought out reaction to a request by a minority of users.
As Zybex said, it contains 2 values per second, which means for a track that is 20 minutes in length there will be 1,200 pairs of values. On my 26" screen where the Progress Bar is 380mm long that equates to just over 3 samples per mm. Which makes is about as useful as the proverbial "extra hole in the head"; the spectrum analyser shows far more meaningful information than that silly waveform ever will.
Oh and mvandyke, it's probably not just the database that went up in size, the sizes of all the files you analysed may have gone up as well; because the MC default is to write the results of the Waveform analysis to the Database and the Tags(Files).
Creating the waveform has been modified twice already, once during "beta" testing to allow users to change it's colours, and once to "reduce it's size" after it was discovered it was causing extended track/library load times especially with files on external discs. Now we find out it's going to be modified yet again to reduce it's size even more. Yet another example of the MC Development Team creating more work for themselves by not working out all the probable consequences of their actions before picking up a coding pen.
In addition if you check through the release history for MC 26 you will spot that the MC Team started work on reducing the size of "; delimited list" tags/fields by removing the space between entries after they had imposed that "extremely large" waveform field/tag on us. Yet another thing that caused more work because they ended up, as a result of a lot of users complaining, because they had to go through the system/code adding that space back in everywhere those fields/tags appear on screen, work that still hasn't been completed. Oh, MC craftiness with the waveform field/tag didn't end there, in the database it's Edit Type is set to "Standard" so in both the tag window and any view which exposes that tag/field the user only ever gets to see a "small sample" of the data it holds.
What needs doing, a lot sooner than the planned modifications to the waveform size, is to make Creating the Waveform field/tag OPTIONAL in the same way that Analyze for HDCD is. So that those of us who don't want that pretty (ugly) alternative to the progress bar in the Player Window don't have to suffer having to remove data that we don't need or want from the database and files.