I received a Google Wave invite today and am having fun with it. I plan to migrate my blog to an entire Wave based system, where each post is a unique Wave, with comments and edits happening fluidly throughout the body.
I am using the Wavr WordPress plugin to embed waves, and I will either assist this plugin, another plugin or create my own to get my posts automatically converted into Waves.
Update: I have been told that the Wave is only visible to Wave users. That is quite unfortunate. I hope to find a way to make it visible to anyone, since I need it visible to all in order to be a viable blogging software.
[wave id="googlewave.com!w%252BVvt07HpxQ" bgcolor="#ffffff" color="#000000"]