This is a very exciting project and its been a long time coming. Project Leader Ivan Ristic (ThinkingStone) has done an amazing job, as have the other contributors. Industry moving efforts such as these are only possible with the active involvement of the community.
WASC's mission is to promote understanding and awareness of web application security. With the WAFEC project, we are creating level playing field from which customers, industry analysts, and vendors can objectively evaluate the web application firewall market.
Consortium hopes to lift Web application firewall confusion
Official WASC Press Release
WAFEC Project Page