Part of the problem with wave is that it is a new paradigm. So far email, IM, video and audio communications have all been separate. The objective of wave is to combine it all into one seamless system. More than once I had conversations run between IM, email, SMS, and even facebook.

So, in short, right now because not everyone can use it, its potential can’t be realized.

Also check out the Lifehacker website for some wave stuff.