WAITPEQ: Z = 1 if State + Mask = 0. WAITPNE: Z = 1 if State + Mask + 1 = 0.
Now, I don't think we really intended for Z to be of any particular use with these two instructions, but rather let it be whatever it naturally ended up; just like with C.
That being said, I will be revising the docs to indicate that Z is undefined, just like C is, for those two commands.