disclaimer: I love Google Wave
I just think Google bungled the beta process, trying to treat it like GMail when the same beta model isn't gonna work for anything but e-mail or XMPP.
However, I'm definitely going to recommend this product to my team, as right now we're using Github wikis, which is fine for us developers, but for real business use(as in, the rest of the team), this could be just so much better.
EtherPad was really cool as well - its functionality has been absorbed in Google Docs and elsewhere.
Today a key devops workflow I see on a daily basis is team-based HipChat rooms with deploy / alert notifictions and links to GoogleDocs, especially spreadsheets.
Which somewhat duplicates Goggle Wave - at least how I remember it.