Google Wave is, as according to co-architect Lars Rasmussen, what email would be if it were invented today.

As written in my personal blog review of Google Wave, Google Wave collaborates all modes of internet communication into one common 'inbox'. These modes include email, instant messaging, blogging, tweeting, networking, etc.

As far as its methods... Google Wave allows you to do the above using web-exclusive technologies which allow for the live transfer of this data, the use of drag-and-drop for easy-adding, etc.

Most impressive is that it is 'open source', with Google inviting unlimited developers like my team at KayWeb Sydney to develop extensions which will continue to improve Google Wave for users.

Please put 1hr 20 minutes aside and watch the following video. This is an excellent demo led by Rasmussen, who also helped buit Google Maps, himself at the Google IO developer conference.