What the hell is Google Wave?

As a geek, few things get me as excited as Google threatening to radically change the way we use the web to comunicate.  However, after weeks of Google Wave being available to beta users, I have to admit that I still didn't really get it.  I even asked a colleague (who had managed to get an invite) to show me through it at work, but still struggled to see the value it brought.  Until I saw the below video.  It's by far the best demonstration of what Wave can do and is pretty funny to boot.  Look out for the blue language...