They just advertise on the Google blog that Google will develop Wave. What terrible news!
Despite the achievements, and the many loyal fans, Wave has not seen the adoption of users that we would have liked. Wave do not plan to continue developing as a standalone product, but will keep the site at least until the end of the year and extend the technology for use in other projects at Google.
That was the note that talks about what was rapidly applied as referred to as Wave.
Say, the code will remain available as open source so you can continue with the innovation that they started, and also work on tools for the public to "liberate" their content Wave.
I consider it an unwelcome news for though much is not in use continuously, the tool has its use, than any other tool is able to emulate. But like many others have thought, maybe it was an early entry into service and many we do not understand its potential.