Google reports: [edited]
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.
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Brett's 2p'orth: I watched the 80-minute introductory video a few weeks ago, and was curious enough to search out an invite to try it out (thanks Jason Clark, via Philip Schonken). My first impressions are that it is a bit of a mess, combining most of the disadvantages of email and instant messaging.
Paul Bucheit (one of the creators of Gmail) seems to agree with me. His blog article is available here.
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