I spent 2 weeks trying to understand the difference between the Waldorf and the Adri's Dream recorders: I asked Mollenhauer themselves, Thomann and even visited a Mollenhauer dealer to see and hear them both. Nobody could really tell me what the difference is - if any.
I eventually purchased them both ?one for me and one as a present? and had a chance to check them out both: the dimension of the bore, the workings of the holes, the position and size of the labium - to me they all seem identical, and so does the sound. When both are warm and played in, it's impossible to tell which one is being played. I came to the conclusion that Mollenhauer have simply taken the key features of the Adri's Dream (which was developed in collaboration with Adriana Breukink and might require royalties to her) and replicated them on the Waldorf edition. In other words, a different shell, but same structure and same outcome.
About the recorder, it plays beautifully with a warm and full tone, the notes are straightforward to achieve and it just looks awesome in its, as Mollenhauer put it, "organic" shape.