I just watched Waxwork for the first time last night. At the time, I made no connection between the climactic chaos of Waxwork and Cabin in the Woods, though in retrospect I can see the similarities.
The primary difference between the two sequences is that in Cabin in the Woods, the mayhem was fairly well done and entertaining, with effective gore and splatter, thrills, and some legitimately humorous moments.
The climax of Waxwork, on the other hand, was silly and cheap, with lame effects and fight choreography, terrible dialogue, and punchlines that fell flat.
Waxwork may have done it first, but Cabin did it much better.
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