I overheard this hypothetical conversation at Google HQ:
Developer: I have a new product idea. Imagine an online tool for real-time communication between groups of people!
Colleague: You mean a CHAT ROOM, a technology that’s been in use for over 20 years?
Developer: Yes but now imagine mashing in more features like embedable Youtube videos!
Colleague: So it’s a bloated chat room?
Developer: That’s right. Except that we won’t call it a chat room. We’ll call it a WAVE_-_-__ and pass it off as an entirely new concept that’s going to revolutionize the world!
Colleague: A bloated and glorified chat room. Brilliant!
eggyweb 
That sums up my understanding of Google Wave.
I’m glad that whole thing died out.
Now they’re bothering us with Buzz…another “entirely new way” to do something…