I was thinking the same thing. As a matter of fact, my next project (in few months) will be collaborated on wave. The twitter "bot" also removes the need to rely on a twitter client for updates. With open API the concept of one interface for all clients makes it very interesting to me.

I don't remember the last time I was excited about about a web app, like I am with wave.

My experience has been much the same as yours. Although I have to wonder how many web-apps are going to have their functionality subsumed by wave.