> Waves are hosted XML documents that allow seamless and low latency concurrent modifications.
The following section suggests that the Wave team had a specific goal related to rich text OT extensions, which were NOT trivial at the time:
> There are others that offer rich text, such as Google Docs, but do not offer a seamless live concurrent editing experience, as merge failures can occur.
It also suggests that it was specifically intended to be featured later in Google Docs (it would not make sense to dunk on their own product). It actually doesn't matter if it is the same team or not. It is common to have a dedicated R&D separate from the deliver team for such breakthroughs.