Google announced new GOOGLE WAVE on May 28 2009. Google Wave is a new model for communication and collaboration on the web, coming later this year. A wave is equal parts conversation and document. A wave is shared. A wave is live.
From Offical Google Blog:
"Here's how it works: In Google Wave you create a wave and add people to it. Everyone on your wave can use richly formatted text, photos, gadgets, and even feeds from other sources on the web. They can insert a reply or edit the wave directly. It's concurrent rich-text editing, where you see on your screen nearly instantly what your fellow collaborators are typing in your wave. That means Google Wave is just as well suited for quick messages as for persistent content — it allows for both collaboration and communication. You can also use "playback" to rewind the wave and see how it evolved."
See details on Google Blog
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