This is just another amazing innovation from Google, the next communications platform to replace email, IM, IRC, Twitter and all that. Checkout this video:

At about 1:12 there is a really amazing demo of real-time language translation (English-French)… And the stuff is even going to be open source! More info at wave.google.com, code.google.com/apis/wave, and www.waveprotocol.org.