Waves can contain plain text, rich text, audio, video and pictures. They are all treated similarly. Comments and changes are accommodated in a very intuitive fashion. In this way, collaborative edits/comments/changes can be managed very simply, allowing multiple wave participants to create a document/note/etc. which can then be distributed in "final form" via a new wave to others for final viewing, all the while retaining the rich history of each wave's pedigree.
The Wave platform provides APIs for client and server-side extensions. Server-side extensions, called robots, can participate in waves just like their human counterparts, mining each wave for data which can be used to make the wave even more valuable and productive to both the participants as well as the owner of the service. Several robots were demoed, including Spellee [semantic spell checker], Linkee [automatic weblink generator], and Rosy [way cool 40 language, real-time auto translator]. These things were real and live on stage.
The platform supports federation between servers, so you can set up your own Wave server for your community, and federate with all [or none] of the other Wave servers [including the ones Google owns and runs]. This way you can extend your reach dramatically!
For more info, check out wave.google.com for the demo of the video keynote. You should also look at www.code.google.com/apis/wave to get into the wave api effort. Another key link is www.waveprotocol.org to participate in the open wave protocol.
This is very interesting stuff. Wave-based properties should start becoming real later this year!
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