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GoogleWave looks set to be nothing less than a revolution. You simply have to watch the demo as it integrates email, blogs, chat, community and conversation. I wrote down two items as I watched it. Did gWave just kill MSOffice? Doesn't this make Skype Multi-Chat completely redundant? and then I went to look at Google's stock price.
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Tim O’Reilly offers up a pretty comprehensive dissection of Google Wave and its implications here …