Add to that good multimedia content, versioning/branching/merging, embeddable widgets, and human-machine interaction ... Google Wave becomes a very powerful platform. It suddenly becomes much easier for a corporation to add human intelligence to deal with exceptional circumstances in automated workflows. There's fertile ground right there.
In addition, there will be tons and tons of new opportunity to build on this. I suppose one can hate the fact that the Internet killed a lot of BBSs, but it sure created more opportunity to build an industry than what these BBSs offered.
I just feel for those startups who are now superseded, that's all. I know how hard they are working, and there must be a lot of frantic board meetings happening right now.
Ignoring that, though, from what I have seen it appears to be providing the communication benefits that have recently been explored by social networking sites, while cutting out a lot of the potential for the egocentricism that seems endemic to places like MySpace, Facebook, Twitter and the like.
If it delivers on that, then I shall be very pleased. It'll be good to be able to once again focus on the interaction with my friends, rather than the banner at the top of the page with their name on it.
Sprinkle in some calendaring and todo robots and you have an extremely powerful collaboration tool. Add in search and you have a new way to manage ad-hoc information.
It will be interesting to see how they come up with efficient representations when these document trees get to be large.
One downside of wave is that I haven't seen anything about how to stop spam. That was a major problem for email, and is becoming a problem on twitter too. Throw in differing social contexts like proper distribution of tweets for spymaster and you have some thorny social issues.
(edit) Huh ? Downmodding this for what exactly ? This is a valid reply - I have no specific opinion on where Wave stands compared to other technologies, but I am pretty confident that it won't catch on in its existing form. They are not the first ones introducing new communication paradigm and they are certainly not the last ones. So far only evolutionary changes sticked, nothing revolutionary did (e.g. IBM's Remail).
I think it would have helped if you had included your additional commentary into your original reply. The short version was basically redundant to your poll response.
The paucity of existing documentation can be forgiven, but only to a point -- it's definitely on Google to make the complex elements of that protocol (and there are many) developer-accessible. As cool as the technology is, it'll wither and die without proper support.
There's very little appeal in that. Lots of people need to edit typos and want to formulate complete thoughts before letting others see them. On the other hand, the underlying technology that will make that process even possible is what's really exciting. I'm looking forward to what creative people will be doing with it.