I'm no expert, but I believe that wavetables scan through the sample very rapidly, at a speed and granularity that can be modulated. Perhaps similar to having a tiny chunk of synth (longer than a single cycle) recorded, having a loop within that, and an LFO (or keytracking or mod or whatever) changing the loop points. While the clever technology ensures that it remains correctly pitched overall, so the effect is more change of timbre than note.
So using single cycles isn't exactly the same, but could be similar if you got a snazzy setup going with LFOs modulating the loop start points. I imagine you'd have chaotic tuning then, which is where the specific cleverness of wavetable synths comes in.
Someone may want to correct me, this is just what I've gathered from using the Blofeld.