Google Wave features the ability to replay conversations because it records the entire sequence of communication, character by character. Because of this, discussions are also live in Google Wave: you will see your friends type character-by-character.

The features don’t stop there, either. Google Wave also supports the ability to drag attachments from your desktop into Google Wave. It loads that file and sends it immediately to anyone in the conversation. It’s also embeddable, so you can embed Google Wave conversations on any blog.

Google Wave has a lot of innovative features, but here are just a few:

• Real-time: In most instances, you can see what someone else is typing, character-by-character.
• Embeddability: Waves can be embedded on any blog or website.
• Applications and Extensions: Just like a Facebook (Facebook) application or an iGoogle gadget, developers can build their own apps within waves. They can be anything from bots to complex real-time games.
• Wiki functionality: Anything written within a Google Wave can be edited by anyone else, because all conversations within the platform are shared. Thus, you can correct information, append information, or add your own commentary within a developing conversation.
• Open source: The Google Wave code will be open source, to foster innovation and adoption amongst developers.
• Playback: You can playback any part of the wave to see what was said.
• Natural language: Google Wave can autocorrect your spelling, even going as far as knowing the difference between similar words, like “been” and “bean.” It can also auto-translate on-the-fly.
• Drag-and-drop file sharing: No attachments; just drag your file and drop it inside Google Wave and everyone will have access.

It’s too early to tell whether Google Wave will change online communication and business collaboration. That being said, Google Wave has lots of impressive features that promise to redefine Web Communication.

(sources: Google Wave, Mashable)