So you've scored an invite and watched the videos, but still confused about Google Wave? Google's latest explanatory tactic: recreate famous documents to showcase Wave's features. Here's the United States Declaration of Independence, complete with edits from the founding fathers.
If you've got a Wave account, you can check out the reconstruction here. Google Wave team member, Lars Rasmussen, says the idea for the demo came from Tim O'Reilly (founder of O'Reilly Media, publisher of Make Magazine amongst other things). Kinda fun, though I'm still not sure what's going on half the time in Wave. [TechCrunch]