I've been using Google Wave now for a number of months. When I first heard about Wave, I thought it sounded like it might be interesting. I then watched the incredibly long video about the tool and was overwhelmed by the power and potential of what seemed to be a pending revolution in online communication.
After requesting an invite and finally receiving access to the service I slowly began picking up connections to other friends and colleagues that also had access to Google Wave. For a communication tool, it makes it far less helpful if you can't talk to the people you're regularly interacting with anyway on a daily basis.
Google Wave promises to provide opportunities for organizing events, sharing communication and documents evenly distributed. You can share photos, ideas, videos, notes, documents, and even games all on the same platform within an existing browser window.
The reality is I still haven't experienced the real revolution in communication for myself. The most extended use I've seen from Google Wave is the collaboration I've done with a friend of mine that's writing for one of my blogs. We share goals, ideas, questions and strategies with each other in a Wave and it works well.
I'm still waiting for it to really take off though. I think the way they could put the use into overdrive would be to almost replace the existing Gmail functionality with Google Wave. Oh, and while they're at it, just incorporate Google Documents and Google Chat in there as well. Maybe even a sprinkle of Google Groups to carry over as well.
I still think Google Wave will revolutionize online communication. I just don't think it's going to happen until an even wider user base is capable of getting on the platform and other Google services are either incorporated or eliminated.