This would have been a great product especially for international companies. I mean: There is a guy in Australia and you are in France and you can work at the same document at the same time.
Of course one of them will have to adjust his living habits a little bit because he has to work in the middle of the night because of the time difference but hey thats a small price to pay for being able to use such a wonderful product and beeing able to work together....
The simple reason why Google wave failed is that people do not want to work at the same documents at the same time. People want to work quietly and peacefully alone to be more productive then mail the result of their work to the office in China or Australia and then leave their office. And when they wake up the next day and start work they have the feedback in their mailbox.
What was great about the developments in the last years was that technology enabled you to work at different places at the times you choose - and then put all the pieces together. If people would want to communicate in real time and work at the same things at the same time - they would probably work together in one office.