Will this kill Friendfeed, email, IM and maybe even Facebook ???
In Google Wave you create a wave and add people to it. Everyone on your wave can use richly formatted text, photos, gadgets, and even feeds from other sources on the web. They can insert a reply or edit the wave directly. It's concurrent rich-text editing, where you see on your screen nearly instantly what your fellow collaborators are typing in your wave. That means Google Wave is just as well suited for quick messages as for persistent content -- it allows for both collaboration and communication. You can also use "playback" to rewind the wave to see how it evolved.
Google Wave can also be considered a platform with a rich set of open APIs that allow developers to embed waves in other web services, and to build new extensions that work inside waves.
http://www.techcrunch.com/2009/05/28/google-wave-drips-with-ambition-can-it-fulfill-googles-grand-web-vision/
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