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My first reaction from playing with google wave for a few weeks is that it's most compelling as a small group collaboration tool. I could see it used for project management and disaster relief efforts. It would be good for fighting zombies should the need arise. It feels more like a mashable wiki than email to me.
We had a runaway bot in a group wave that seemed to be maliciously deleting our posts as we made them. Before I figured out it was a bot I found myself cursing the screen thinking we had some user acting as a gremlin. Bots need some more work at this point I guess.
Wave users seem to need a new common language for working together so that the whole wave doesn't just slip into chaos. At this point most new users just randomly spawn comments all over the place.
Extensions seem to be the most powerful tools right now. I have had some fun editing the map extension collaboratively. Wave could change some more, but right now it's hard to find something that's compelling to the masses. One danger is trying to fit it into our concepts of available tools. I'm trying to keep an open mind.