Got a nice friendly wave from a good moded TJ in Brisbane CBD just recently and waved back with a smile
I always wave to moded Jeeps, but not to stock. I know there are some true Jeepers in stocks out there, but 90% are really mallcrawler and just look at you retarded if you wave, especially in the CBD.
Edit: @JK07 haha, exactly, no chrome Jeeps with 20inch bling bling wheels xD