I'm not one of the lucky ones who have been invited to try this out, so I have an open mind as to its importance.Here is an Educause 7 Things You Should Know About Google Wave.
The abstract says :
"Google Wave is a web-based application that represents a rethinking of electronic communication. Users create online spaces called “waves,” which include multiple discrete messages and components that constitute a running, conversational document. Users access waves through the web, resulting in a model of communication in which rather than sending separate copies of multiple messages to different people, the content resides in a single space. Wave offers a compelling platform for personal learning environments because it provides a single location for collecting information from diverse sources while accommodating a variety of formats, and it makes interactive coursework a possibility for nontechnical students. Wave challenges us to reevaluate how communication is done, stored, and shared between two or more people."