If you haven’t seen the demonstrations of Google Wave at (http://wave.google.com) and you are a geek, you need to go check it out now!
Google Wave is going to change the face of online collaboration, making it real-time.
Basically Google Wave offers a streamlined way to collaborate and share information amongst each other privately and globally.
My Colleges and Careers made a great post featuring Google Waves Features, check it out here:
Google Wave in Online Education