So if wave 2 release on November 24 as the bothans claim, when would it be tournament legal? I'm going to a tournament on the 28th and I'm really hoping wave 2 will be tournament legal by then.
When would wave 2 become tournament legal?
It is Legal upon Release in the United States.
If you are in the United States, then Release Date is Legal Date for Tournaments.
This of course, assumes it is an official tournament run under FFG's system.
If you are Outside of the US however, its a bit more discretionary.
From the Tournament Rules:
The Future of Armada
The Star Wars: Armada tournament format will expand as the game itself grows and expands.
When Wave 2 is released, the official fleet size will increase to 400 points, the round time will increase to 150 minutes, and the Margin of Victory table will be updated.
This is the culmination of the Armada tournament format, and will remain the standard from that point on.
and:
Legal Components:
In North America, products are legal upon their release. Players outside North America should check with their TO to determine which products are tournament legal.
These are, of course, the Standard Tournament Rules - and a TO may or may not choose to run 100% to them, especially with how close to release date they could be - so the NUMBER ONE thing should be to contact them and ASK. 
My guess is that if they posted the fliers for the event already, it's going to be a wave 1 only event.
I mean, only a few days after release would kinda be unfair. Even if only in spirit.
Edit- Dras is right per the letter of the law. But I'd recommend reaching out to the tournament organizer. They have the authority for an event.
Edited by StasyMy guess is that if they posted the fliers for the event already, it's going to be a wave 1 only event.
I mean, only a few days after release would kinda be unfair. Even if only in spirit.
That would be my guess too... But the problem isn't so much as what is assumed, but what is legal. There are always those who will argue both sides of the rules so long as it is in their benefit.
Hence my bolding line at the bottom... 