Seems fascinating! What a neat idea - I can see a lot of possibilities for this in corporate entertainment and academia, but am not sure about where it would fit best in "legit" theatre.
On the corporate side, having a documentary record that is so rich with information would be wonderful, and I imagine would streamline a lot of the planning phase on many projects. In the academic world, this could almost be an alternative performance "space," in some philosophies of what constitutes theatre. In commercial or regional theatre.... seems really fun, a great way to communicate quickly and with ample media support... I'm just not convinced that virtual communication will ever be as effective as a group of three, eight, or twenty people meeting in person and sharing thoughts and materials directly. While the potential is there, in Google Wave, for great clarity, I think many of the pros out there are still more inclined to trust things they can touch - which makes a pencil sketch on a paper napkin a more effective tool than all the beautiful virtual meeting software you can find.
Nonetheless - how fabulous it would be to have a record like this! K, do you see a place in your current work situation where Google Wave could be used? Or, in hindsight, would you use Google Wave in a job you've held previously?
Great topic :-)