Ok wait is a tricky one which can mean nothing but can mean something is wrong.
basically %wait + %rdy + %cstp + %run = 100%
%RDY is the amount of time the virtual machine is ready to use a pCPU but has to wait to get time on it.
%Wait is the amount of time its waiting on the VMKernel resource. %wait also include %idle so the way I look at it is %WAIT - % IDLE = total time waiting on IO resources (this could be from disk/network etc)
So if %IDLE basically equals %WAIT then everything is fine, as idle is just that the VM is not doing anything.