The *****'s guide to Google Wave @ TechRadar
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I've tried Google Wave for a while now... and I still don't get it. It's just MSN messenger with live typing.
I think it was designed as more of a collaboration tool. Meaning you can attach files in real time to the session and have your peers do the same. There are plenty of other little neat things it does too
I see how its beneficial in a corporate environment, but not really for an end user yet.