I am just watching the video of the google wave application. It is really impressive what you can do with the modern web technologies. One thing that really shines through is the real-time updating.
This is a really cool technology that I can envision a bright future. If developers embrace this, and extends it, it can really be a very powerfull tool that will rival microsoft’s version, namely sharepoint, and its integration with different microsoft products. This works much more seemless. I hope that while google still have all their own tools such as calendar and email, that they will provide some integration into other applications, like sharing directly from microsoft word, and openoffice. This would make it really pain-less to work on something and share it with a bunch of other people.
Still watching the video, so I might update this post with other thoughts.