> Wave, as it exists today, is a great tool for corporate communications. With the right interfaces, integration, and extensions it could definitely displace Exchange and Lotus Notes. Eventually, as a protocol, it had the potential to transcend email.

Yes, a thousand times yes. If Google did the last 10% o the work:

* Sell a pre-packaged, serviced VM (in VMware, HyperV, and Xen formats)

* Made an Outlook plugin for wave

They would have a real 'embrace and extend' on their hands.