Google have many of us waiting to find out what wave is and what it might mean for us. Having had a bit of a read around the place and not having an invite myself I became interested. Rather than add yet another review the connections I looked at showed something new and powerful The you tube example is a realtime dialogue with translation. Below this in the iframe is Daniel Tenners take on what Google wave is and isn't for the full page is found here. Personally I think this is going to be big for collaboration and that connectivity is going to be the big delivery point for personal learning in online connected real time environment like google docs etherpad and google wave.
Ride the wave if you have trouble reading the frame below Daniels website is only a click away