Google is planning to release Wave later this year. It seems Wave will replace the current Email system. And, it looks like it will compete with Twitter also.
Google has given Developer preview demo recently. You can see it below. Or You can see the demo video here
If you are not having enough time to see the video fully, you can refer this article which explains summary of the demo.
Based on this demo, we can understand below things.
-Wave will be real-time Communication/Collaboration tool/platform from Google.
-It will allow the recipient to see the message Character-by-Character while the sender types the message. He need not wait till hitting the Enter key to see the message. Anyway, if the sender wants to hide the message till hitting enter he can hide it by using an checkbox.
-It will be open source.
-Google provides Wave API for integrating/embedding it easily with any website and blogs.
-Wave allows editing of message at any place by any participant.
-It allows the Wave robots for getting information from outside sources and any other automated tasks.
-The files need not be attached. Just drag-drop will include the files with Wave.
-Google Wave will work on mobile devices such as Androids and iPhones.
A typical Wave screen will look like below screenshot.
If you see the Demo video, you will realize that it is unbelievable that everything is happening on web Browser.
As of now we can define Google Wave as below.
Google Wave=Email/Outlook on Browser + SharePoint + Twitter+Real time chat
As the Google is keeping Wave Protocol Open Source, we may expect more collaboration tools using Wave protocol. Even some of such Tools may perform better than Google's Wave.