Wave Protocol Thoughts. An upfront disclaimer, I work for Google.
I am not involved in Wave in any way and all of the things I discuss below are based on external documentation. Before getting into the specifics of the issues I found, I want to point out that I'm very excited by Wave, I believe it has tremendous potential. The team has also done a good job re-using existing technologies, and providing different protocols and APIs for the various ways you can interact with a wave server.