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Fewer moving parts. Theoretically better than a piston engine, but due to less development has gone in to the wankel engine. Look at what people like Ricardo did with making two stroke engine meet euro regulations.
Rotor tip issue is partly to do with sealing as at low revs and low engine load. This issue causes exhaust gases to leak in to the preceding chamber and reduce compression in that chamber. Also sealing is an issue as the chamber is exposed to temperature differences that are in a greater area that in a piston engine.
How about radial engines?
Smoother, smaller, lighter weight. They've never been able to properly sort the efficiency and rotor tip wear. Plus they don't produce tourqe. So ideal for lightweight vehicles. And some aircraft.