According to Google:
A wave can be both a conversation and a document where people can discuss
and work together using richly formatted text, photos, videos, maps, and
more.
Essentially, it’s the combination of a grip of social media connections into one “wave”. It’s instant messaging, file sharing, blogging, tweeting, retweeting and an espresso maker all in one. One Google exec explained that it is their take on what email would look like it if had been invented now. I watched the hour and twenty second demo video. I get that. It’s real time. It could be a really powerful way of communicating.
http://wave.google.com/help/wave/about.html
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