OK, I just participated in my first multi-person edit of a Google Wave and I must say that is cool. My Team Lead asked me to provide my comments on an email from our customer and send it to her so she could add her comments. So, I started a new wave, pasted the original email in and invited her to the wave. We were both able to edit the email at the same time, format the text and then copy/paste it into a Lotus Notes email. It kept all the text formatting with no problems. We figured it would loose the formatting in the copy/paste exercise. It would be nice if an email option was available to email part or all of a wave. But, that's something a gadget may be able to add in the future or it may be added natively, who knows at this point.

For the most part editing of the wave went pretty quickly and without too much trouble. We did encounter a couple of errors while we were both editing at the same time. An error was produced at the top of the page with a field to enter what you were doing when the error occurred. Click submit to send the error on to Google (I assume) and a refresh button is provided. Click refresh and nothing was lost, the wave still had the edits we both had done up to the error, which to me was pretty impressive error handling.

While for one man shops and very small companies I really don't see that big of a use for Google Wave, but for corporations or large teams who collaborate on documents, brain storms, code and emails this is an awesome tool. It just needs to come out of preview mode.