Had my first proper real-time wave today and although I was a little skeptical at first I must admit it really worked very well and surprisingly was actually alot of fun!
Im honestly not sure whether it will take off and become the 'next big thing' or not, but I hope so! I would love to write all my blog-posts, emails, msn conversations in one convenient place and have realtime updates an backups.
Anyway, if you are lucky enough to be in the preview add me mike.cann@googlewave.com and we can have a chat about it :)
EDIT:
As a quick edit, i have just installed a new plugin for wordpress that lets me embed google waves, so if you have google wave you should beable to see the following wave in full:
[wave id="googlewave.com!w+65k3TZQWA" color="#000000" bgcolor="#ffffff"]