While the performance issues and other little bugs previously were an annoyance, I think what stopped me from continuing to use Wave is 1: nobody I know is using it or has interest in or need to use it (not to say that people I know don't need/want collaboration platforms, just that Wave didn't *appear* to fill their needs at the time) and 2: when I did try to use it for serious work, while the results were ok, they didn't seem to be particularly better than say working on a Google Doc with someone else, or using Redmine for that matter. It's supposed to be better than those systems with large numbers of concurrent users, but I just found it scattering and overwhelming with anywhere above 2 or 3 people, especially since replies/changes could be made anywhere. At least in e.g. IRC, even if there are 20 people actively chatting, the messages are sequential and I can pay attention to them all in one place and reply as needed. It's less organized theoretically, since you can't thread conversations and whatnot, yet somehow it seems much less chaotic and difficult to manage. One could argue that you don't *need* to keep up with every change *as it's happening*, but if that's true then what's the point of the "realtime" part of collaboration?
All that being said I think with some more education on how Wave works it would be easier and more pleasant. But I have existing tools that I find more functional for the purposes it supposedly exists to fulfill, e.g. Redmine, and even though they may not be as "slick" or full featured (in theory), Redmine at the least is somehow infinitely more intuitive to me. Maybe it's because it uses familiar tools, just in a well integrated way, so I don't have to change the way I work for it to enhance my workflow. Whereas Wave seems to require re-learning some skills and changing work habits. Now, like the Dvorak keyboard layout, it may be better in the long run, but I think few are going to want to re-learn how to type (in a manner of speaking) just to get their planning work done e.g. 25% faster (made-up percentage).
I'll keep watching Wave and if anyone I work with has any enthusiasm for experimenting with it I'll gladly participate. But I don't have any such enthusiasm personally at this point.