I rode behind a waverunner for the first year that I wakeboarded. It is certainly great for a few things: learning how to really edge, switch riding, ollies, ollie 180s and surface tricks. It is also a TON of fun for wakeskating. I rode with a 65 foot rope and the driver tried to keep it as steady a speed as possible.
You will not be able to get major air on a waverunner but don't let that stop you from going out and having a blast!