"Waterless" cookware is, as you have surmised, basically a scam for preying on health oriented consumers. There is no evidence that the cookware produces healthier foods than other pots and pans. The logic behind it holds up only as long as the salesman is talking. In fact, the cookware is low-pressure, first generation, pressure cooking technology. Nothing else.
On a related issue, there are in fact several lines of 'non-stick" cookware which hold up well and won't throw TFEs and/or PTFEs in measuarable quantities into your food. A good, affordable expample, residential-oriented line is Swiss Diamond. Don't take that as a recommendation, though. I'm not a fan of non-stick myself.
There are a variety of materials and construction methods used for making good pots and pans for home cooks. For pots, sauce-pans, and other vessels used for cooking liquids the best interior is stainless steel. Any number of metals or combination of metals, including stainless steel, make for good exteriors.
The term "surgical stainless" steel refers to a range of steels with certain minimum percentages of nickel, molybdenum, chromium etc., which is also free from certain reactive materials like titanium. In fact you do want a lot of corrosion resistance -- which is mostly a function of having enough chromium. You also want a hard, scratch resistant surface. Which is why a grade of stainless called 18/10 is usually preferred for cooking interiors. 18/10 means 18% chromium and 10% nickel.
Still with me?
Highly polished, hard interiors can be made relatively non-stick by using heat and a minimal amount of oil.
However, the slickest surfaces are actually cast iron or carbon steel that has been properly cured with heat and oil, then properly maintained. Both of these surfaces allow foods to sear or saute properly without any negative health effects. Although, some care must be taken to control the use of highly acid ingredients in steel or cast iron cookware.
Cast iron has other advantages including heat stability. If you want to cook a lot of tomatoes in a cast iron pot -- you use enamel over cast iron.
And so it goes -- different materials are best for different purposes. "Horses for courses," as the saying goes. And we've by no means covered the gamut, even for home cooks. This means that the best cookware set for any serious home cook is a motley group of several different types of pots and pans.
If you're not serious, but just want something you don't have to worry about, and last a few years, a set of Emirilware or Wolfgang Puck or a similar line will do you well.
BDL