I would say, Wave was a platform in search of a product.

Replacing mail wasn't it, although they certainly made all the right noises 
to imply this to be the intent.
Wiki was not this either.

If anything, I actually guessed that G+ was the product having lots of Wave 
love behind it, but as it is apparent from Yegge's post, that isn't it 
either...

I guess it was simply a technology experiment that got suddenly too 
expensive to keep, so they killed it...

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