Typically I believe that macros which use the wait command are bad for your dps but there are also macros that can improve your dps. For example, on bard macroing together misery's end and bloodletter with heavy shot can ensure that you only use those 2 abilities while you're on global cooldown.

The wait command forces you to rely on a specific rotation of abilities and on blm in particular it may skip spells in the rotation if you're moving and try to cast one out of order. Macros without the wait command are meant for you to spam a single button in order to use multiple skills while others are on cooldown or in between global cooldowns.