Can you explain what burned you? I imagine many of us are trying to sift through the raft of alternatives, and waterfox is a frequent mention, so data about pros and cons is valuable.
For what it's worth, Waterfox has issues with the mozilla addon store at the moment. I was planning on Firefox Sync'ing everything over to my waterfox install, then deleting my account, but it's unable to install and reconfigure my shitload of plugins I'm using.