What are Google Wave's most powerful features?

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Open-source API and extension tools

  • Google Wave is open-source, so developers can make variants of it.
  • Wavescan be embedded into a web page, potentially allowing blog articles,and the associated conversations, to exist simultaneously on the weband in your wave client.
  • Google facilitates Wave "robots"which are automated participants in waves, with the ability toautomatically perform actions in response to certain events. Forexample, they might publish a wave to a blog, and then publish the blogversion's comments to the wave.
  • "Gadgets" can be placed inside waves; for example games and mini-tools.

Merging of features of IM, email and collaborative documents into one format

  •  Real-time updating of collaborative documents and discussions, tothe extent of see what other people are typing, effectively mergingemail with instant messaging.
  • Emails are transformed into collaborative documents 

The dragging and dropping between different applications

E.g. moving events between wave and calendar. I think I remember that. Maybe wishful-thinking induced hallucination.