No, I don't think it will take over Twitter. I don't think that Twitter has reached "critical mass" yet and the number of users who are joining continues to be astonishing.

That being said, Google's Wave is very interesting. By combining what Google has done with Gmail (monitization, ease of use, etc) and combining the best of Twitter (real time) and Facebook (photo sharing, personal connections).... Google will have a winner.

What I find really interesting is that Google recently removed their developer price limits and Android is starting to gain steam. It's conceivable that if Google can properly segway widespread Gmail use into Wave and Wave is mobile capable with plugins that Apple could have a run for their money. The iphone is about the apps, not about the phone itself.

Regardless of future innovation, Wave will be one step ahead of Twitter out of the gate. They'll likely have ads similar to Gmail inside of the app.
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Money is on google the whole way. As stated above EXACTLY what i wanted to say = )
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good question, its about getting user attention. Wave is still a science project, too early to tell what it will morph into. My guess is that Google may be viewed by developers as big brother(i.e Microsoft) so adoption from the developer community may lack. But who knows. It definitely has a chance with the GMail/GTalk/Docs install base to compete for user attention against Twitter. Its the ultimate real-time collaboration mash-up.
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Twitter's biggest enemy is itself. It's downfall will not be a competitor, it's downfall will be people realizing that it is largely a waste of time (this is coming from a regular twitter user too!)
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You want to be a part of the Wave integration into your website. The innovation will transform the next generation of web. Websites that ignore this technology will quickly be abandoned. User rich experience and functionality is a major step forward.

1. Wave combines instant messaging directly into the Wave tree structure.
2. Wave allows a slider to replay content segments at various times in development
3. Images can be dragged and dropped into the wave tree structure
4. Wave api allow you to embed a wave directly into webpage with real time updates from the server as edit occur
5. Mobile devices can communicate with wave
6. User can be dragged and dropped into a wave
7. Messages can be private or public
8. Google is recruiting developer to write apps using the wave technology
9. Wave tree allows collaboration, message insertion in the document, and threads within the message.
10. Concurrent users can edit a message. When an edit occurs the owner is notified.
11. Waves can be searched by keyword.
12. Waves have meta tags to organize. Waves have folders and links to
other waves. Wave links can be created by drag and drop.
13. Spell checker extension: google spell checks against a sematic language network and spell checks according to context.
14. Link extension: This extension checks for urls and creates a link
15. Search extension: key word search and find results and move the results as links in the document.
16. Xml updates the server, the server detects the change, and then updates all the connect clients. Distributed network game flow of information using push and pull information. Game flowing directly into the message.
17. Forms can be added to the wave. The form can be filled out collaboratively. The form can be sent to a recipient list.
18. Wave will integrate with Twitter. You can create a wave of tweets. Wave is a great way to organize your twitter account.
Source(s):
http://wave.google.com/

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Google Wave won't have to overtake Twitter because by the time Wave is released, no one will care about Twitter. Twitter will have gone the way of MySpace, because Facebook will prove better in every way.

Twitter has already jumped the shark. It is simply a marketing tool now. The noise to signal ratio is terrible. It is a pop culture fad for now, but it is not usable enough to sustain.

Even now, it can't hold users. It has the celebrity names on it, but 60% of people who try Twitter give up on it after one month. Facebook has the status updates like Twitter, it has the fan pages for the celebrities, but it also has the main advantage of letting people interact with their friends. Twitter is just a mass of people bumping into each other, there is no real interaction, and that will not sustain itself.
Source(s):
http://www.pcworld.com/businesscenter/article/164048/people_try_twitter_one...

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