For now, my abbreviated, big picture impressions follow; all of these, in my opinion, have serious implications for education:
- Widgets like Spelly, Linki, Searchi, and Rosi combined with the ability to drag and drop contents into online communication streamlines the composition process; the act of creating and contributing online appears much easier than current methods and transcends language barriers.
- The concurrent, real-time, multi-point, in-line communication - down to the individual character during document editing and messaging - has a different perceptual impact than current emails, document sharing and instant messaging tools. It's closer to a conversation than to a messaging system.
- The playback feature means that late comers can catch up and experience a conversation or collaborative process which has already taken place in a manner that allows them to pick up and participate moving forward.
- The openness of a platform of this magnitude being initially created and shared by such a large corproate entity, imho, is unprecedented. The extensibility of the platform combined with the ability for organizations to create and run internal Wave servers with connections to the outside world while maintaining institutional privacy makes it a powerful collaborative tool.
- Given current capabilities shown in the demo and a few extensions I believe are likely to be available rather quickly (i.e. Google Talk/Video Chat), Wave has the potential to provide more efficient means of communication and collaboration than *many* current tools: email, IM, wikis, collaborative documents, discussion groups, social networking, live blogging, and conferencing (audio/video/desktop).

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