When we were waiting for the shuttle bus to go to Prof. Chen's talk on the West Side, I was telling you about a related paradoxical result. Here are some details.
M/2 + V/(2M) ,
where V is the variance of the inter-arrival time distribution. (If V is infinite, then the average waiting time is also infinite, in spite of the fact that the average inter-arrival time is finite.)
The result depends only upon mild assumptions. Reference: Lajos Takacs, Introduction to the Theory of Queues, Oxford University Press, 1962. (The book may exist in a reprint or later edition.)
Note that this is
M/2 + V/(2M) = (1/2)(M + V/M)
= (1/2)[(M^2 + V)/M]
= (1/2)[2nd moment/M] .