Alright, so the whole thing is powered by a water reactor, you can find specs for that on the wiki.
This first pic is the tub. The black arrow indicates water flow. The waterfall comes down right between those two ramps and then the water flows toward the pump which is indicated by the red arrow. Right underneath the pump is the area with the least water (usually around 1 or so) which is good b/c dwarves with terrible swim skill will get pushed into that corner where they generally have to level swimming to novice to reach the nearby ramp.
Now this is the top portion where the waves are. The pump takes water up and funnels it through that channel and out onto the floor bars. The pressure from the water is pretty strong so any dwarf caught on those bars will either be thrown into the tub or tossed back onto the floor against the wall. The statue is there so that dwarves will either be thrown toward the rinse side (the orange circle) or to safety on the other side. If the statue was not there then dwarves would simply be thrown against the wall.
Points to note, because the flow in the tub is so strong dwarves either have to have good swim skill to avoid the rinse cycle or get lucky and pass over the floor bars in between waves. Generally speaking if a dwarf has below novice he will get stuck in the corner for a little while, and if he is below adequate he won't be able to avoid the rinse cycle if thrown into the tub. The waves come about every 45 frames so this is enough time for dwarves to get out in between waves. They generally get out in about 2-3 tries.
The waves themselves are created because for the reactor I used a U shape instead of the V shape and the water is at the lowest possible (which is half 4s and half 3s) also the bend helps divert water pressure diagonnally. The waves will come quicker if you use a striaght corridor and you won't get any waves if your pump isn't switching on and off.