I actually think the mistake Google made with wave was in launching it as a seperate entity from email. To follow the meme of the article, it's not ten times better or ten times cheaper than GMail, so why would users want to split those conversations across two platforms / applications. If Google had launched Wave as a new aspect of GMail I'm sure it would have been taken up a lot quicker as I think the general UI is better than GMails.
With Communication Server, Exchange and Sharepoint I think Microsoft have got the base technology to advance email, at least in the enterprise, and their Wave 14 theme of "it works better together" might indicate the beginning of a strategy in that direction, but you have to worry about Microsoft's ability to execute on these ideas.
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