It combines aspects of email, instant messaging, wikis, web chat, social networking, and project management to build one elegant, in-browser communication client. You can bring a group of friends or business partners together to discuss how your day has been or share files.

Google Wave has a lot of innovative features, but here are just a few:

- Real-time: In most instances, you can see what someone else is typing, character-by-character.

- Embeddability: Waves can be embedded on any blog or website.

- Applications and Extensions: Just like a Facebook application or an iGoogle gadget, developers can build their own apps within waves. They can be anything from bots to complex real-time games.

- Wiki functionality: Anything written within a Google Wave can be edited by anyone else, because all conversations within the platform are shared. Thus, you can correct information, append information, or add your own commentary within a developing conversation.

- Open source: The Google Wave code will be open source, to foster innovation and adoption amongst developers.

- Playback: You can playback any part of the wave to see what was said.

- Natural language: Google Wave can autocorrect your spelling, even going as far as knowing the difference between similar words, like “been” and “bean.” It can also auto-translate on-the-fly.

- Drag-and-drop file sharing: No attachments; just drag your file and drop it inside Google Wave and everyone will have access.

While these are only a few of the many features of Google Wave, it’s easy to see why people are extremely excited.

Google Wave was the brainchild of a team based out of Sydney, Australia. The core team members are two brothers, Jens and Lars Rasmussen, and lead project manager Stephanie Hannon, all of whom were involved inGoogle Maps previously. Google Wave was announced today at Google’s I/O Developer conference, although the product will not be available to the public for several months.