What does Google Wave mean for writers?

It's early days yet, and I'm sure I'll have to revise this within the few weeks, but I'm very excited about Google Wave. All told, I'm a pretty late adopter, preferring to wait for Beta versions while everyone struggles through the Alphas. I've embraced social media late, but (characteristically) with a passion that would make Stephen Fry wince.

For those of you who are still mystfied by this thing called 'Wave', here is a very brief summary, lifted from Wikipedia:

Google Wave works like...