I would not generally look at WAIT but it can highlight an issue.
WAIT is the amount of time a virtual is waiting for something, this can be from the guest side of the host side, could be waiting on IO operations or could just be idle.
If you grab you WAIT then minus IDLE and your left with nothing or a low number then its all good and your machines a just idle.
WAIT - IDLE = time a virtual machine is spent waiting for IO
Cheers