Google's taking a shot at improving how they handle online communication and collaboration. Personally, I'm looking forward to seeing what the team can crank out. IMO, the idea of real-time messaging is quite interesting and I dare to say that if anyone can do it right, it's the Google development team. The up-and-coming application shares only promises and previews for the time being, leaving us to find out more later this year. Here's a snippet of what Google has to say...
http://wave.google.com/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.
Real-time collaboration - Concurrency control technology lets all people on a wave edit rich media at the same time.
Natural language tools - Server-based models provide contextual suggestions and spelling correction.
Extending Google Wave - Embed waves in other sites or add live social gadgets, thanks to Google Wave APIs.
Moderator Remark: Added link to wave
I'd love to change the world, but they won't give me the source code.