Very, very interesting....

The  newest tool for communication - so new it won't even be in beta for months - is Google's Wave.  The open source app combines email, IM, chat, Twitter and more in  a single stream or wave.  Here's how Google describes 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.

....

links to shorter Lifehacker andTechCrunch explanations

http://www.hypebot.com/hypebot/2009/06/googles-wave-what-is-it-and-what-will-it-mean-to-music-marketing.html

R.I.P. Google Wave.

Google is officially pulling the plug on Google Wave, the "email killer" that was supposed to revolutionize the way people communicated online.

Launched just over a year ago,

www.businessinsider.com/google-puts-wave-out-of-its-misery-2010-8