As an aside, I was pretty excited about the concept of Wave. Sorry it didn't work out at Google. I still remember Lars doing an entertaining little dance onstage during an I/O demo that succumbed to network issues!
In many (most?) ways, I think Wave was ahead of its time. We were ahead of the curve on collaborative technology. Modern CRDTs would have made the federation protocol so much easier. And it was really difficult to build a web app like that at the time.
I think we're getting close to the point where we could re-make wave if we wanted, on top of modern CRDTs and using modern web development practices. I'm not sure if the world is ready, but technically? We could make software like wave scream.