Smoother transitions are always better.
In reality, if the undulations are shorter (in trace length or physical length per cycle) than a fraction of the rise time, it doesn't matter in the slightest. In fact, you can use that fact as a maximum constraint on how large and wide they should be.
Example: an LVDS signal with 500ps rise time (= 150 mm) should have such features smaller than, oh, 1/10th of that, or 15mm. Which is a pretty big allowance, simultaneously on all of: 'hump' length and width, trace positioning and coupling, and length matching.
Incidentally, an undulation pattern exhibits a lowpass kind of characteristic, tending to reflect very high frequencies. This is why the rise time matters; too large and those features would make the rise more sloppy (increased risetime, and perhaps ringing, depending on what filter characteristic the geometry yields).
As for magnitude of effect, you know what it looks like to gaze down a long chain of windows or mirrors? It's that kind of effect, electrically, but because there is so little difference to the signals in this case, it's something like a hall of very thin, nearly invisible sheets of plastic film. Each layer, each hump in the trace, has so little effect on the transmission, even after a hundred layers (humps), that your signal still gets through loud and sharp.
The nasty things to worry about are changes in trace width or dielectric thickness (say if the inner layer beneath the trace is missing in large areas), which act more like sheets of glass rather than thin films in my example. The signal will still get through, but it doesn't take too many of those to block it off completely.
Tim