I have sharry baby, the super large orginal type I guess.
Anyways, oncidium types seem to develop these wrinkles on pbs once they are brought into home where the air is much drier than the nursery they came from.
My experience is that these wrinkles won't go away once established. As long as you water them good, these plants grow and flower just fine. If wrinkles are severe though, I recommend soaking them in water for half an hour every time you water. This should help perk up the pbs a bit for certain plants.
Ryan, the pleating on the leaves...
If they are form across the leaves, it's a sign of underwatering. If they are formed along the veins of the leaves, they are just normal for some sharry baby plants. Mine is that way. Every single leaves pretty much. I think they look exotic that way.