This is what I call a true Unified Communications Model. For me, a unified communications model allows someone using an email to respond to a message triggered from an I.M., while another party to the conversation also received the same message from a social networking site. This is what is supposed to be called a Unified Communications Model.
Apparently, most of the U.C. solutions in the market now are half-baked, and is geered towards telecommunications and I.M. only. Given that, I have yet to see a solution which integrates I.M. communication with an email communication, other than the S.S.O, which actually just gives us presence awareness and nothing else. Some vendors are even guilty of calling their produce U.C. when in-fact, it only offers chat and Telephony and given that, there's not even a single integration between the two functionality. Some are guilty of providing everything that a communication platform can offer yet there's no single integration between them.
Anyway, here's the video of what Google Wave can offer and tell me if this is not truly a unified communications model. I, for one, particularly wanted to see how this will integrate with audio and video.