I really don't like gigantic immigrant waves that have more dwarves in them than my entire fort population. And I know that they always come after your mountain-home liaison shows up for trade.
So, it seems like what he sees about your fort during this time will directly affect the next immigration wave(s) you get.
Now I know that you can limit your population in the init files, but the problem is not the total population cap, but rather how many dwarves you get per wave. I'd like to see many waves over the course of many years of 10 or so dwarves each. Not a mountain-load all at once.
Has any one done any !!science!! on this to see what exactly affects the size of an immigration wave?
We know that created wealth is one of the things that influences the size of a migration wave, but there are little more specifics after that. The wiki also mentions that it is the trade caravan - not the liaison - that reports on your fortress wealth.
So, this is what I propose needs testing (and I will test these myself when I come home, if someone has not tested this already):
1. We need to start from the top and the wiki is not infallible
a) Is the merchant caravan still the one that reports on the fort's wealth?
b) What effect, if any, does the liaison have?
2. How is the fort's wealth perceived?
a) Does the caravan immediately ascertain the fort's wealth upon appearing on the map?
b) Does the caravan (or the liaison) have to "see" the fort, in order to report on the wealth? (the liaison does run through your whole fort looking for your mayor, after all).
c) Does the caravan judge the fort's wealth by the trade goods during trading?
3. Does what and how much you trade have an influence?
a) Value of what you trade away.
b) Amount of what you trade away.
c) Trader profit.
d) What about goods offered for free?
e) Type of goods (for example, 1,000 value worth of wooden crafts vs 1,000 value worth of stone crafts).
4. What other factors can influence migration wave size?
a) Other forms of wealth - imported, exported, architectural (built) wealth, etc.
b) Food or Booze stocks.
c) Animal value (value of all domesticated animals in the fort)
d) Embark value (such as access to water (river/stream, etc), good or evil location, other geological factors such as volcanoes, number or type of trees, climate, available animals to hunt or fish, and so on(this one will be a bitch to test).
e) Current fort population.
f) Nobles in the fort (whether the fort just has an expedition leader, has a mayor, has a baron, a count, etc).
I think this will be plenty to start off. Please feel free to add to the list or test any of these. I will report back with the results when some conclusive tests are completed.