The estimable David Berkowitz has a great take on Google Wave in Mediapost's Social Media Insider at:
http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=1...

Here's the post:

Wave Riding Over Bing
by David Berkowitz
June 2, 2009

In the future, my dad will be a blogger. He'll create wikis. He'll have his work translated into languages spoken across Europe, Asia, and South America. He'll accomplish it effortlessly with Google Wave. I watched the 80-minute developer preview of Wave, and it's going to make nearly everyone a social media creator.