I've got wave, too, but it's pointless unless you have a group of people who work together or chat together often on the same topic. It'd be great for collaborating on something - anything - online, but I have no use for it at the moment.
I think google wave will turn out to be a very useful collaboration tool for teams working in different locations on a project.
I find Google Wave a bit demanding because Firefox crashed after about an hour of using it. But it's a pretty cool tool, since you can chat with a group of people, edit each other's messages and the like. There's also a playback feature which I find pretty cool.
I just got invites from google wave but after using it I notice it slows my application. Anyone here had the same experience with mine?
I feel Google wave is suitable for project management when a group of people are involved. A meeting place for the members of the group. A wave for that makes things organized. And not merely a chat client. For regular chatting I feel the google chat more comfortable than having to click the done button each time.