There are plenty of interesting things in what Google have presented in its early form of Google Wave. It looks very much email, instant messaging and wikis all blended together in realtime for us. This idea could seem rather like they are trying to corner the market on communication, which is not only a very big call, it feels a little spooky. It will be open source though, which makes it more attractive and the overall effect is actually pretty cool. For some reason I feel a little unsure if it is all as neat as the demo shows, but even if we get something 'like' this that may be just the ticket.
There are certainly come interesting extra stuff in the presentation - the context sensitive spell checker and dynamic translator for example.
This is surely something to keep an eye on and if Google can release it in some sane form, I can see it taking off in a pretty dramatic way...
[shrunk image from the Google Wave blog post]