We have to consider the Google Wave application (or client) separately from the protocol. The protocol is very interesting, and I think the opportunities are endless.
The application is far less interesting, and I think it's largely overhyped. It's essentially a cross between email, IM, and Wiki-like functionality (mostly email), and it shares the warts of all, especially email:
- No ability to manage Collab:Group Information Hygiene.
- No built-in support for Collab:Visible Pulse.
- Poor support for persistence. Potentially manageable by embedding Waves.
Here are the opportunities for the application:
- Real-time chat + knowledge synthesis.
- Collaborative Editing