As per my understanding Wave wd be a common networking platform along with better UI & sophisticated gadgets, that u may even get by configuring ur gmail settings. There are so many gadgets available through Labs(google) also some uri based online gadgets can be configured. Even u may ur facebook & myspace!
Wave is more of a fun material for students! as almost all google stuffs available all together. But no doubt about the developing team, HATS OFF to them for what they’ve achieved.
Luved te Real-time concept(Wave/ Wavelet & Blips)
Google Wave: http://wave.google.com/help/wave/about.html