"At first glance, this looks like a minor update, but for the first time, you can now easily embed waves on your own site. Google notes that you could use Wave for real-time RSVPs with the Yes/No/Maybe gadget and to publish documentation via embedded waves. For us, however, the real potential here is live blogging with Wave.
The interesting thing about using Wave as a live blogging platform, of course, is that readers can see what a blogger is writing in real time. Live blogging doesn't get more real time than that.
Wave allows users to easily style text and embed images and videos. Adding additional writers to a wave is also as easy as adding another contact to the wave."