I recommend anyone who wants to see some great looking, economically-splined characters take a look at Mark's "Wannabe Pirates" CG webcomic. (click on the image in his signature)
And he's got some threads around here where he showed wips of some of them.
How about.... make the object out of stiff "cloth", put it in a tube that is a cloth deflector and set the gravity of the scene to be upside down. Then it would always rise instead of fall.
Some times I have noticed biases that seem to get "stuck" and are not smoothly passing the spline thru a CP. Saving and reloading fixes it but I haven't noticed that it was a "large" project issue it happened even with small things.
That's good looking cloth!
If you need something graphically more simple you can rig a strip of patches with bones and animate them to create waves and rippling:
Pennant000.mov
PennantChor000.mov
My 4-bone version is a bit lumpy but if you did that concept with 8 bones I think it would look smooth.
PennantWithBones.prj
I believe the wave plugin is intended for circular ripples on a water surface. It's like a bump map in that it doesn't actually move the CPs, it just creates shading that looks like ripples. It probably wouldn't be effective on a thin ribbon.
Can you show a picture of your ribbon situation?
It seems there's a very influential program, which i won't name (but the first four letters are "Maya"), that has an exceedingly poor implementation of Quaternions.
I made this because I got tired of hearing people who use other programs claim that Quaternion interpolation (what A:M uses) can't be used for animation because it's "impossible" to edit.
They may be right! Their programs probably can't do this.
I was trying to find you a link to some great anime things A:M users have done but the vintagefilms.hash.com site isn't up at the moment.
A:M's "toon" shading doesn't have as many options as some more elaborate apps but a lot of good work has been with it.
Here's a recent one that has some good "toon" look.
http://amfilms.hash.com/video/282/HATUNE-MIKU
(The title frame is a hand drawing but the rest of it seems to be A:M)
"Cheese, Grommit!"
CheeseSlice.mov
mp4 version:
CheeseSlice.mp4
If you haven't been looking at the "Planetary Clouds" thread there are many interesting doo-dads there.
If you filled in the holes and took away the cheese you'd have the roundish, cloud shapes I was trying to get.
The flat planes are triangular shaped at least, but, yes, the holes are the result of the material.