There's just one problem - pressure plates, once activated (and sent their "on" signal), require 100 ticks of "not triggered" in order to deactivate (and send their "off" signal), and in a setup like that, the water will be sloshing around so much that this might not happen as often as you'd like.
Its not a high speed repeater, sure. You could make things repeat a lot faster if you just have a redundant array of dwarven lever pullers, but its a 100% reliable, 0 FPS hit lever. This one doesn't rely on a creature pathing around and doesn't use up a dwarf to pull on a lever. It doesn't even rely on a flow to work, so it will work without any noticeable FPS drain. Also once its set up it will continue to run forever, and requires no refueling unless you shut it down by atom smashing the water until its dry.
The design allows for room for two pressure plates, and both pressure plates can be linked up to the same objects to be moved, resulting in more toggle commands being sent to those objects.
If you want something to move very quickly, either expand the design and add in more pressure plates all linking the same thing, or build multiple wave motion repeaters and link them all to the same thing. You can link as many levers and pressure plates to the same object as you want.
I currently use a wave motion repeater to power my atom smasher pits. Its okay if the bridge isn't moving at every possible moment.