I am running a combination of Node.js + Mocha + Selenium Webdriverjs for the first time. I setup everything according to their documentation here https://code.google.com/p/selen
I look here directly at the source file for docs. It's actually pretty good:
https://code.google.com/p/selenium/source/browse/javascript/webdriver/webdriver.js
In answer to your question, you don't really want to wait in WebDriverJS, you want to get used to the deferred objects and promises api. I've just written a blog post about it here that should help you:
http://xolv.io/blog/2013/04/end-to-end-testing-for-web-apps-meteor