I've always had return waves from Mog owners and the majority of classic car owners (ceertainly the open top ones). When in the 90 I wave at other Land Rovers (not Hippos or Discos unless tricked up, because they will be family cars not owned by enthusiasts normally). From the Defender point of view a lot of owners do not wave (I guess these are just A to B family cars too) and I don't bother waving at farmers - usually spotted with an Ifor Williams back over the pick-up bed...
I noticed in my last few years on PTWs that fewer motorcyclists acknowledged each other.