While I've only skimmed the available protocol draft and whitepapers, I do have a couple thoughts about wave.

Firstly, I can imagine something like this supplanting not just email and instant messaging, but also web forums, blog comments, mailing lists, wikis, bug tracking systems, twitter, and probably various other forms of communication. (But not, apparently, version control systems.) While one might have an attachment to a few of those things, I think most of us would be glad to see most of them collectively die (especially twitter and web forums of course) and be replaced by a data-driven standard, with multiple clients, rather than their general ad-hoc, server-side generated nastiness. (The Project Xanadu guys would be probably be proud.)

Secondly, while Google are making all the right noises about open protocols, multiple providers, etc, and probably only plan to lock in about five nines percent of users to wave.google.com before competing implementations arrive, wave is not a fully distributed system. Spec says:

The operational transform used for concurrency control in wave is [currently] based on mutation of a shared object owned by a central master.

The wave server where the wave is created (IE that has the first operation) is considered the authoritative source of operations for that wave.

If the master server goes away, it sounds like a wave will become frozen and uneditable. There seems to be no way to change the master server after a wave is created, without ending up with an entirely different wave.

(Update: The demo, around minute 70, seems to show a private modification to a wave being made on another server -- so I may be missing a piece of the puzzle.)

The concurrency control protocol will be distributed at some point in the future

How many centralized systems have been successfully converted into distributed systems?

In a similar vein, after reading this whitepaper, I'm left unsure about whether it will be possible to respond to (edit) a wave while offline. Maybe, as clients can cache changes, but how well will conflict resolution work? It seems it would have to be done in the client, and there are some disturbing references here to clients throwing their local state away if they get out of sync with the server.