From ECM Stuff: Is Google Wave really targeted at SharePoint & Office Online ?

I think its going to be a couple of years before Google really builds up its 'wave front' - but thisl an open standards based protocol - stop thinking of Wave just as its seen in the flashy demo video or the sandbox developer account you managed to scrounge that you can't do much with.

Bottom line - stop thinking 'new fangled email crossed with IM and social networking' and think powerful content centric collaboration and document editing.

Some good analysis by Jed. It also explains why I'm watching, but not too worried about playing with Google Wave just yet...