Forgot whatever you heard about what Wave is supposed to be. It's only a tool for small project collaboration.

Here's our use: a new Wave for anything we need to talk about, which is its own subject (e.g., talking about a specific feature for a project.) In that wave, anybody who wants to say anything just adds more messages. For some things, the topmost Wave contains a "summary" of everything said. For example, we have a "Schedule" Wave where we write our schedule. The top Wave contains the actual schedule and is hand-edited whenever we need, and additional messages are added to discuss anything that needs discussing.

This is great for collaboration. Any time I want to add more information to a subject, I add a message. If there's something I need to edit (a list of clients, etc.), I can edit any Wave I want. It works perfectly with multiple people editing anything they want, even at the same time. It even works for real-time talking, which helps if you happen to be updating the Wave at the same time.

All in all, if you completely forget what Wave was supposed to be and only use it for small-team collaboration, I think it's a great tool.