
Google Wave is yet another example of what you get by taking advantage of the internet in the information age. It combines functions of Facebook, Twitter, Google Docs, Photobucket, and Email - doing it all collaboratively.
Conversations or documents are started by adding one or more people to a wave, where each person may edit text [with their edits displayed by highlights], comment on any part of the text [rather than a single response at the very end a la email], chat in an instant message format, and add and edit pictures - all simultaneously.
Changes to any waves that you have been added to appear in the center wave inbox, in a constant feed not unlike a real-time version of the Facebook wall feed. The difference is that only information directly relevant to you is displayed.
When looking at a wave, and wanting to see who had edited or added what parts of that wave, you might take advantage of the playback function, which allows you to view, from beginning to end, the evolution of that particular wave in the order and ways that it was altered.
Similar functionality for all of this will exist in spreadsheets, presentations, and the like.
Lastly, a unique spellchecker had been developed for Google Wave, that can automatically correct words based on context and comparison against usage over the internet. [In the presentation, Lars typed "Icland is an icland." It was correctly, automatically changed to "Iceland is an islan"]
It is to be released later this year! Looking forward to it.
Demo video:



