Hmm, I hadn't considering wave as a bug tracking system. Our google doc spreadsheet was already too busy, so I can't imagine Wave making that any better. Really interesting idea though - maybe useful to organize team sprints/small projects.
Yeah, we definitely had to trim down how much info we were storing. Obviously that was a sacrifice, but the upside was a lower barrier to entering a new feature or bug. We really do just treat it like a digital whiteboard (even to the point of posting pictures of our actual whiteboard until we can transcribe them). And the realtime collaborative editing kills a traditional wiki.