Google wave is a new product from Google, it is like but much more than a collaborative chat with bots helping you and adding interactive data within conversations.
It is a developer preview that I got so its kind of slow. The chats are realtime, which means you will have to think really hard before you type it :D . You can add maps, videos, images, or even other websites or anything within a conversation to make it live. Each of these conversation is called a Wave. And each item inside is a Wavelet, Those who have brushed upon their Signal processing subjects would ring a bell here. The waves are recorded in time and can be played back to see the conversation growing.
About bots, you can add bots to your conversation that augments information like if we type some keywords, the bots parse them and fetch the information and populates the conversation for you.
Am still trying it out .. So will keep updated here..