So I'm waiting on a Google Wave invitation, which I may or may not get, but it looks pretty cool, and sounds like some stuff I had ideas for as unified messaging a long time ago. Maybe I'll get the invitation, and maybe not, but in the meantime, I got a Google Voice invitation is signed up for a long time ago. It's pretty cool too (it's not necessarily a VOIP client, but go look for yourself). But one of the optional pieces it does — optional voice transcription — is a missing link I was hoping I'd see in Wave: the ability to take a voice stream and transcribe it, so (for instance) a phone call could be sent to someone as plain text. It's not perfect, but it's a nice big chunk.
BTW, the YouTube clip above is about 80 minutes long. But earlier today, someone else (thank you) directed me at a nice synopsis of the Google Wave presentation. So you can just watch the clips if you don't want to watch the whole thing.