After much hype last year and this year, Google has announced it is retiring Google Wave. The killer App designed to combine email, IM, wikis, and social networking just never received the anticipated adoption. However, it is doubful Google isn't crying over this as most of their products are just very public betas. Look for elements of Wave will likely make their way into other products including possibly an entire Google social networking platform rumored to be in development.
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(submitted by Mike)