Good lord, do I hate WAAC. Why would anyone think that's a good idea for a game? WAAC is a good strategy in war and the business world, but games are for fun, and if you only focus on winning, then you'll miss out on the social aspect of the game. From experience, players that focus on WAAC also tend to throw childish fits when they lose, and if they do so, I just won't play against them.
That said, it is perfectly fine to play to WAAC if you stay completely within the rules, and remain friendly throughout the game. As long as you're completely sportsmanlike, it's alright to play competitively. It's the people that expand WAAC to include cheating, bizarre rules interpretations, and constantly complaining to judges that really hurts the game.
The best players I know are all really nice guys. One plays competitive armies, the other plays more fluffy armies, and the other two use whatever models they have handy, but any of them can easily trounce my armies any day of the week, and that's the real downfall of WAAC. Even if you do everything possible to win, if you're up against an opponent who's a lot better than you, then you'll still lose, and if you're going to lose no matter what, then you might as well focus on having a good time.
The first casualty of war is neither innocence nor truth.
The first casualty of war is always subtlety.