Actually there is not a /wait in between macro lines. What's taking so long is that engine has to redraw your character in-between each piece of gear that is swapped and during that redraw you can not equip another piece of gear. That is why if you make a macro with all your gear swaps but without waits, you will get many pieces that will not equip. To actually make a gear macro fully function you have to include /wait in-between each line.

To test if there is a /wait in-between each line try making a macro that is:
/echo line1
/echo line2

They will both go off instantly...