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If two minutes is all you got and you are not sure what to make of this Google Wave thing, this excellent video may be a great 101 on the subject. Then there is a review from someone who actually has an invite to this coveted thing. He says : "Google’s Wave will crash hard onto the beach of overhype." For email or chat, this may be too many strands of conversations to follow but it could be really helpful in other ways.

Putting together requirements for application development, or have multiple people edit the a document concurrently are examples that come to mind. What takes several people, several days to accomplish and becomes a version control nightmare can be done a lot faster and with much lesser confusion. With some workflow options, this could even become a digital asset management tool. All of the parties that create, edit and approve content could be working in concert and make changes based on real time feedback.
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