As for their social networking acquisitions vs WAVE, I'm completely ignorant on both (and expect to remain so, along with most of humanity).
But my main point isn't Google, but FSJ's tech coverage. Between Techcrunch & co hysteria and The Register's empty cynicism, I think FSJ's piece remains the best analysis of the Chrome OS announcement yet.
Google Video and Notebook are good examples of projects that seem to linger and rot, but are in fact just having their energy devoted to their successors. Google Video development is being channeled into Youtube updates and Notebook into WAVE-based document creation.
And the only reason I didn't respond to your comment about FSJ's analysis is I agree with you 100% on that. Lyons' is without a doubt the most insightful and interesting commentary thus far.
I just think the 'Google is unfocused/fickle/etc' meme needs to be approached critically and put out to pasture if it's found wanting. (which i believe it is)
Why should we doubt their ability to stick with a Linux Windowing and Usability project? This 'Google is unfocused. Google doesn't follow through. Google leaves projects to rot' meme is particularly annoying, because there is so little evidence that it happens to anything on a significant scale.
Several of their large acquisitions have appeared to be neglected, but each and every time that I can recall, it's been a seeming public neglect followed by the introduction of the 2.0 successor.
Case in point: if you think their social networking acquisitions are being left to rot, vs their energy being focused on new services that integrate with WAVE, I've got a bridge to sell you.