- It is dangerously powerful. I was talking with my girlfriend on Wave (they give you a second test account), and we found that there are a lot of different ways of holding a conversation, including typing into two separate blips. The realtime nature of it really does make a difference, since you can start responding before the other person is done. This may sound gimmicky, but it really does change the way you do stuff.
- It is still buggy. I haven't been able to change my settings, because the "settings wave" doesn't seem to work for me. There are also a lot of missing features, and it has a habit of getting desynched or dying in weird ways. That's why they call it a development build.
Still, overall, it is pretty awesome. The simplicity of widget-making looks like it will enable an absolutely massive number of cool apps, and the open nature should do a lot to spur its growth.
I will have to say that it will probably be about 6 months to a year before the live editing of text and graphical doodles gets old. Well, that may be an exaggeration, but it is really freaking cool.
Now to start being useful and actually start developing for it; you know, like was the deal with getting the account.