It took one year for Google to realize that its users are no longer enthusiastic about Google Wave project. Two days back on 04 August 2010 Google officially announced that they will not continue development Google Wave as a standalone project on their official blog . Though the Google Wave concept and the framework would be used in other Google projects.
Google wave showcased a good example for the real time communication and data sharing, but it failed to capture the imagination of users. Google has also failed in coming up with good examples based on Wave concept . And in the end it was just another technical showcase for the public on internet.
Hope that Google will over come this wave and come up with some cool stuffs based on google-wave concept.