facebook for me is alot better.. i have a wave account, its like a real time communication tool.. and i really love it..
Google wave is just like email conferencing. I don't think it's a social networking like facebook maybe you're talking about Google Buzz which is just the same with facebook but still facebook has lots of features than Google Buzz.
Google Buzz is generally much similar to Twitter and not Facebook, only with the exception that Google Buzz can share photos and some other features but it is still relatively small to be compared with Facebook. Google Wave on the other hand is a live, online shared space in between Google users wherein they can share photos, videos, communicate or even work! Too bad that people don't use it this much but it mainly helps students and office workers!
Yes, Google wave is a live, shared space on the web where people can discuss and work together using richly formatted text, photos, videos, maps, and more. I have used this online communication tool and it's really a nice tool.