I'm surprised at this sentiment. Could you elaborate by any chance?

The reason for my surprise is because a significant portion of the Wave code base is geared around the user interface — which was, in many ways, the least attractive aspect of Wave (at least from the experiences of those I've spoken to). The other main parts of Wave were the various Operational Transform work — which, again, to my understanding from those who have looked at the OT framework released by Google last year, is inherently hard to scale up.

I had always assumed that these and the general market disinterest to be the reasons that Google had abandoned the Wave project — so am very keen to understand why you would be so excited... thanks!