Major time suck here. I was one of the selected one million who was allowed to sign up and use the Wave when it was first announced.
The technology is impressive. The major issue is that normal people in normal situations do not interact this way. Yes, if you are in an intense development team project where everyone wants and needs to communicate in a very timely way, often--maybe. Otherwise, no.
And, I'll add that everyone within your Wave needs to be at a similar maturity level or a similar level in management responsibility or similar in IQ. Or all three, perhaps.