Freaking amazing, looks like my next cell phone, computer, etc.. :o)

About Google Wave

Google Wave is an online tool for real-time communication and collaboration. A wave can be both a conversation
and a document where people can discuss and work together using richly formatted text, photos, videos, maps, and more.

 

What is a wave? A wave is equal parts conversation and document. People can communicate and work together with richly formatted text, photos, videos, maps, and more. A wave is shared. Any participant can reply anywhere in the message, edit the content and add participants at any point in the process. Then playback lets anyone rewind the wave to see who said what and when. A wave is live. With live transmission as you type, participants on a wave can have faster conversations, see edits and interact with extensions in real-time.   When to use Google Wave >>

Communicate

Google Wave features make it more efficient and even fun to plan activities, make decisions or just keep in touch.

Reply anywhere Real-time chat Replay

Instead of copying the message over, as you do in email, with one shared conversation you can answer questions or make comments anywhere.

Live transmission in Google Wave lets you see as other participants type in a wave and respond more quickly, meaning faster conversati

The playback feature lets you catch up on how a conversation has evolved even if you were added after the start of the discussion.

Collaborate Google Wave is suited to teamwork whether you are in the same room or across the globe
Edit simultaneously	Share organization	Add rich content
Participants can collaborate on a single shared document without worrying about versions and see edits appear in real-time	Organize waves with tags and links to to make sharing complex projects simpler	Files, photos and extensions can be easily included in a wave to make rich collaborative reports

 

Some key technologies in Google Wave
Real-time collaboration	Natural language tools	Extending Google Wave
Concurrency control technology lets all people on a wave edit rich media at the same time. Watch the tech video	Server-based models provide contextual suggestions and spelling correction. Watch the tech video	Embed waves in other sites or add live social gadgets, thanks to Google Wave APIs.

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http://wave.google.com/help/wave/about.html
There is a video but youtube is down now..

Send me a message on twitter or facebook if you want an invite to Wave..