So getting back to the topic: What does Google have that people can use - Incredible search engine, Gmail, Docs, Calendar, Maps, Goog-411. What does Google have that people can tinker with? Sketch-Up, Wave, Earth... What does Google have that are most likely going to be simply overlooked? Orkut - With Facebook in full force, what the hell is an Orkut? Wave... I now feel that it will be used by tech-liberal companies and educational technologists everywhere, but by your average Joe, who needs it?
Pros about Google Wave - It's like Instant Messaging, E-Mail, and IRC got together and have a weird offspring of three parents. I suppose in the tech world, tri-sexuality can happen. There are a lot of intuitive uses - like group collaboration on any media-based project (Audio, video, basic "office" files, etc.) and a lot of things done very easily as described very well in this video, like conferencing and teaching. It's much simpler than a reply-all.
The interface is absolutely fantastic, however the ability to edit ANYBODY's posts without an obvious trace of accountability is a bit iffy to me. I don't like that I can be framed for saying something that I didn't with a simple screen shot / delete action.
Google Wave is still in preview mode, and hopefully these problems will be amended soon. I really would like to see a full GMail incorporation rather than a separate @googlewave.com account. If I could communicate with people that don't have Wave via sending them a regular e-mail from it, that would be very beneficial.
All in all, I have high hopes for the product, but I can see this being a passing trend, ala Sony MiniDisc.
Best review of what this app can do that I've seen yet.