Google Wave (5.5-Minute Video Demo)

So I finally got myself a Google Wave invite via my brother. Contrary to my male instincts to just explore it on my own, I watched the 80-minute demo from Google I/O. A wave is basically a "hosted conversation" that allows anyone to contribute to it. I must say, I'm very impressed with some of the features:
-Real-time updates to "waves"
-Ability to edit and respond to any part of a "wave"
-Drag-and-Drop files/pictures
-Embedding video links
-The "Playback" feature that allows a participant to see the progress of the "wave"
-"Extensions" or applications that run within Google Wave for several purposes



You can also check out this guide via Mashable.