Google Wave Explained in Plain English
This was the simplest and cutest way I have seen it explained. The real question is will millions actually USE it? Yeah the techies will but will people who are not deep coders, developers etc use it? The technology and idea is not nearly as in question as the usability.
So what does it really mean for businesses? Well it could mean that the cross platforms used to manage projects could be in danger if Google pulls this off. Google Wave to me looks like project management for Google in real time simply put.