"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."
A wave is best used for group projects, photo sharing, meeting notes, brainstorming, and interactive games. If you have 80 minutes to spare, there is a long video on what a google wave can do for you or your business. But if you are like me and want to see the shorter video first, check out this video.
Seems interesting for the right situation. Not sure how I feel about the twitter function on google wave. So far, I have not caught the google wave. Have you? What are your thoughts on it?