What is Google Wave? Is it Better than Email?

Have you gotten your invite yet? Well for others who have not, here is a chance for us to take a look at what Google Wave is and answer the question, Is it Better than Email? Diana discussed the last time Will Google Wave Replace Twitter?

What is Google Wave? Google Wave is an online tool for real-time communication and collaboration. A wave can be both a conversation   and a document where people can discuss and work together using richly formatted text, photos, videos, maps, and more.  Now here is a video that explains how Google wave can make communication more efficient and effective.