I use Wave everyday. I now have over 200 active waves and I just started in May, 2010.
I used it to replace my case management software in my law office. Wave had numerous advantages: word searchable, tags, easy to make and quickly customizable templates, and playback.
The biggest thing, however, is that everyone in the office (five of us) all know what the other person is doing -- immediately. We don't duplicate work. We know what needs to be done and we get it done. There is a training aspect as well. I can teach and train, while I work. This doesn't involve difference in time zones, but twenty feet apart. Yes, it is great when I'm not in the office or in court, but it works equally well when we are all in relatively close proximity.
Yes, Google Wave seems to be this wide open platform, but the failure to tame it is because of a failure of imagination.