Yes! Wave is now Live. Though you might not be the lucky one who has reveived an invitation to be a part of this 'Wave', I am going to throw some light on what the 'Wave' really is!
Google Wave is an online tool for real-time communication and collaboration. A wave can be both a conversation and a document where people can discuss and work together using richly formatted text, photos, videos, maps, and more.
The Google Wave interface is divided essentially into four boxes: Navigation, Contacts, Inbox, and your current Wave. The below screen is from the wave portal.
Wave is loaded with a list of great features and to name a few, I'll go through some of these below:-
Real-time: In most instances, you can see what someone else is typing, character-by-character.
Embeddability: Waves can be embedded on any blog or website.
Applications and Extensions: Just like a Facebook application or an iGoogle gadget, developers can build their own apps within waves. They can be anything from bots to complex real-time games.
Wiki functionality: Anything written within a Google Wave can be edited by anyone else, because all conversations within the platform are shared. Thus, you can correct information, append information, or add your own commentary within a developing conversation.
Open source: The Google Wave code will be open source, to foster innovation and adoption amongst developers.
Playback: You can playback any part of the wave to see what was said.
Natural language: Google Wave can autocorrect your spelling, even going as far as knowing the difference between similar words, like “been” and “bean.” It can also auto-translate on-the-fly.
Drag-and-drop file sharing: No attachments; just drag your file and drop it inside Google Wave and everyone will have access.
With features like this, your home page now on will not be just www.google.com but wave.google.com for sure!
Link to wave here
Looking for a Wave invite? Visit this link
The feature of Social Media is bright as ever and with things like this coming to serve you, am sure you'r gonna be hooked to Social Web forever!