What is Google Wave?

I am hoping to be one of the lucky ones to get a google Wave invitation in the next few days from a friend (one of the special 100,000.) From my experience with google so far I am eager to see what they have put together here. I am hopeful that it will be the game-changing collaboration application that some are speculating it will be.

If you are trying to figure out what it is then this video from MG Siegler at TechCrunch might help.