The launch of Google Wave has generated various reviews and left many with a feeling of perplexity or outright rejection because what they saw seemed so little compared to what had been promised (a lesson for every marketer out there IMO). In fact people who've accessed the platform reported several important issues summarized here.
However GoogleWave is indeed completely revolutionary and could well transform the way we deal with information, interactions, collaboration and value creation... perhaps even transactions some day.
This wiki (kindly provided on Wave by my friend David Dossot) is proof of the revolutionary aspect of Wave as it deals with bots, each of which has a special function within the Wave ecosystem allowing it to connect and interact with other formats, platforms, logical spaces, communities and online properties. What's still very much unclear in what I've read so far (not nearly enough) is the security model and the degree to which bots can be configured with standard behaviors but if secure and with extensive ability to configure and string together (with some of these objects providing flexibility analogous to Yahoo Pipes), then Wave could well be the equivalent of the "one ring to rule them all" and probably also "an offer we can't refuse" as the Godfather would say.
On the even more interesting side of things, once adopted Wave becomes a real Complex Adaptive System with a greater potential for structure emergence than the open web because of the existence of rules and constraints that are neither too many (as in collaborative systems like blueKiwi or SharePoint) nor too few (as in the open web). The concept of wave being so open and so flexible provides for an ideal combination of rules and flexibility, which is necessary for CAS dynamics to really operate.
Now this is a first impression and I have not tested this stuff a lot, but if it is what I understand it to be and if it becomes what I imagine it can become, then this thing is not simply big, it's huge.