The website wave.google.com explains that:
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.
The video below is lengthy, but cool. I have to say - I'm so excited to finally have an e-mail designed for modern users...I will be the first in line to ditch my hotmail account. My favorite part about Wave is that an e-mail conversation can turn into an instant message if both participants are online. For a summary of Google Wave's many features, check out this article from TechCrunch.com.
Caitlin
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