Yeah the waiver wire is a good balancing tool. Basically, once you make a waiver move you go to the back of the line so others have a crack at a waiver move and one person doesn't dominate it because the can afford to be online all day and night. So if someone ahead of you on the waiver rank wants the same guy, you're outta luck, but you may also beat out someone else in the same manner.
It also makes for a bit of strategy planning. Some folks will make a few moves and then sit back, so once the injury flurry hits and everyone else makes a bunch of moves, they can make their way up the waiver wire rank. So when a good pickup opportunity comes up, or it's time for final moves before the playoffs, you have a better shot at getting that bench shored up for that last push.