We just used Google Wave at work today, tried to get a bit of collaboration going. It was my first time giving it a go, and I think the concept is pretty good. We've got a SharePoint site up for our project, but that doesn't really allow for real-time conversations. We're trying to get a feel the gaps in our project, so we can follow them up later.
I like the idea of post it notes and a whiteboard, but Wave keeps all the conversations in one spot, although I'm not sure if technology actually takes away from the collaboration process at this point - especially when we're all in a room together.
How do you collaborate? Have you given Wave a go?