http://wave.google.com This is going to be shit-bricking amazing. Although the video posted is insanely long, every single second is worth watching. You will seriously shit bricks and I'm not even kidding. You could read this too, but I really don't think it does this enough justice. This is something you have to see to truly comprehend. The internets will shit bricks. Discuss.
Well I just watched the entire of that presentation and now I can't wait for Google Wave. It definitely looks like it's got a lot of handy features especially the group Wave chat option where you can essentially add everyone to your 'Wave channel' and have one big group conversation with everyone on your friends list instantly. I'll probably switch to Chrome when this comes out as well. 0:42:46 "BACKSPACE!" Ali G.
Wave sounds absolutely mind-blowing. That's all I have to say. The real-time character-by-character interactions between parties alone ... is Google outdoing itself already.