When Google Wave was first announced I (like probably every other tech-minded gamer) immediately started seeing its possibility as a play-by-chat medium. Unfortunately, that thought took a back seat to other more pressing concerns, even after I got my own invite to the preview.
That all changed when Robin D. Laws posted on his blog some thoughts about the whole shebang. Ignoring his whining about technology moving too quickly for him (keeping up is still optional; people still play RPGs face to face), he links to a couple of good articles.