I'm still waiting for my Google Wave invitation, but I have been reading blogs and posts from people who have gotten theirs (#@!*#$!!), and I'd say most of them have failed to see what the value is here.
Wave is NOT going to replace email. Some people have fretted about that and even become quite upset. That's not what it's for.
Wave isn't going to replace blogging either - although it could become important as a discussion tool. It could replace comments in some situations.
Wave is a collaboration tool. For example, I might start a Wave for our community computer club. I'd post announcements, pictures, and members could comment and add material. Any club could use Wave in the same way - it's an electronic club meeting.
Obviously small groups working on projects could use a Wave to swap ideas, even to actually work on the task. By the way, LifeHacker groks Wave and that link has many good examples of how groups are using Wave right now. Reading those should give you ideas about the real value of Wave.
I think that certain subjects here could benefit from a Wave approach, too. I'm looking forward to experimenting - whenever I finally can!
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