As others have said, there's really no reason to have a /wait statement in your Swiftcast/Raise macro. Here's another good example - this one is nice, because it lets you see at a glance if Swiftcast is available:

/micon "Swiftcast"
/action "Swiftcast" <me>
/action "Raise" <t>

The /micon line causes the button to display the Swiftcast image on the button, along with its cooldown timer.

To explain why these sorts of waitless macros work, when actions are next to one another with no /wait statement, the computer will execute the first valid action in the bunch. In this case, on your first button press, since Swiftcast is available, it is a valid action and will be performed. Raise will not be performed on the first push. On the second push of the button, Swiftcast is now on cooldown, so it is no longer a valid action. So, the second action will be performed, instead - in this case, Raise.

Cooldowns aren't the only things that make an action invalid. Targets out of range, or incorrect for the ability, will also affect an action's validity. In the interests of saving space I used to come up with all kinds of macros that depended on circumstance to determine which action will be performed. For example, this "Shieldwork" macro:

/micon "Cover"
/action "Shield Bash" <t>
/action "Shield Lob" <t>
/action "Cover" <t>

If the target is a player, Shield Bash and Shield Lob become invalid, and Cover is used. If the target is a monster but the monster is at a distance, Shield Bash becomes invalid, so Shield Lob is used. If the target is a monster and is up close, Shield Bash is used.

For a while, I experimented with combining nukes and cures together:

/action "Stone" <t>
/action "Cure" <t>

This, however, doesn't work very well, since Cure never, ever becomes invalid. It works fine if you're targeting a player - Stone becomes invalid, and Cure is used instead. However, if the target is a monster, and if the monster is out of range or for some other reason the spell is an invalid action, you use Cure on yourself. This is almost always a waste of time and MP.

Now that I've gotten used to the double-grip cross-hotbar and the double-click cross-hotbar, though, this kind of macro-combining has become less necessary. There's really enough space for almost any action, with the most common actions placed on the main cross-hotbar. The Swiftcast Raise macro still isn't a bad idea, though - as was stated, hard-casting Raise is generally a last resort, and Swiftcast should be used if it is available.

One final note: There is a bit of danger with waitless macros, in that there IS a tiny gap of space between each command in the macro. I'd guess that the computer executes the commands roughly 1/10th of a second apart from one another. This means that if you have a lot of actions in the list, and you're mashing the button rapidly enough, you may wind up executing a command in the middle of the stack, rather than the top.

For example, suppose you had a macro like this, designed to use your most powerful Stone or Cure, depending on what your current level cap is, and whether you're targeting a player or a monster:

/action "Stone III" <t>
/action "Stone II" <t>
/action "Stone" <t>
/action "Cure II" <t>
/action "Cure" <t>

You're desperately trying to DPS a monster, so you're mashing this macro as fast as you can! Only - suddenly, out of the blue, you cast Cure II on yourself? Why? The monster's in range, and you have it targeted!

If we assume that the 1/10 of a second thing is correct, when you hit this macro, Stone III is attempted immediately, then Stone II at 1/10, then Stone at 2/10, then Cure II at 3/10, then Cure at 4/10. If you're mashing the button, and you happen to mash it 3/10 of a second before your previous Stone spell finished casting, then Stone III, Stone II, and Stone are all invalid (because another spell is currently being cast), and Cure II becomes the first valid action in the stack. Undesirable!

This could potentially happen with your Swiftcast Raise macro, as well. If you're mashing that macro, and happen to hit it 1/10 of a second before your previous action is done, it will skip Swiftcast and start hardcasting Raise. Honestly, though, this isn't a common enough or serious enough threat to make this macro unuseful (while it really does make the Cure/Stone combo unuseful!). On the rare occasions when it does crop up, just interrupt the hardcast Raise and hit the macro again.