I currently use Google Docs, Twitter, Facebook, FriendFeed, Blackboard, and a blog (and other things, believe it or not), and while Wave at this point is very interesting, I could not in this form use it productively with my Sociology students.
At current there is just not added value as a collaborative tool beyond what the aforementioned tools provide for me. It is sooooo freeform, which is good to a point. Beyond that the information seems to get lost, individual Waves themselves fall apart. There are no logical endpoints. Humans just are not ready to alter interaction and communication effectively in this way.
I see Wave could be a lot like Twitter: a core product is made best by add ons, extensions, and third party apps.
I believe Wave could be used for creative thinking, on the fly input. It is so difficult to massage/guide/facilitate the flow of input, information, and the formation of knowledge utilizing Wave.
Perhaps implementing a tag/keyword function within blips would help. There are so many things that can be suggested that likely will be addressed via extensions, etc...
What is meant by using Google Wave as a collaborative tool? Collaboration needs to be defined. Does it mean two or more people getting in a Wave and having free flowing, interaction that is essentially melded? Does collaboration mean two or more people interacting that leads to the formation of ideas and subsequent knowledge? How does the information and ideas become categorized? How is knowledge connected to other knowledge?
The categorization of ideas and formation of knowledge here is incredibly disruptive in the format of the Wave. Google Wave is difficult to grasp because it is not how humans interact in a face-to-face or virutal environment. At current, and I know it is ever changing, for me it is very disorganized; so much that it is not very useful for building knowledge and learning.