The Wavestation is the X5’s cooler, more expensive cousin. While the Wavestation specializes in wave sequencing (moving, morphing sounds), the raw PCM waveforms overlap heavily with the X5.
The X5 was essentially a "de-evolution" of the Korg 01/W. It lacked the Wave Sequencing of the Wavestation and some of the filter depth of the 01/W, but it offered a robust palette of sounds that defined an era. It was cheaper, more portable, and became a staple in school music labs, home studios, and the rigs of electronic musicians. korg x5 vst
Because the hardware often used 12-bit D/A converters, it has a "pointy" and subjectively louder sound compared to clean modern software. The Wavestation is the X5’s cooler, more expensive cousin