Update: Google's Wave consolidates core online features into one tool

Web app possibly riskiest, most ambitious endeavor Google has embarked upon

Google released to developers an early version of a collaboration and communication tool that consolidates features from e-mail, instant messaging, blogging, wikis, multimedia management and document sharing.

Called Wave, the Web application is the equivalent of a Swiss Army Knife for consumer online services and possibly one of the riskiest and most ambitious endeavors Google has embarked upon in years.

In the works for about two years, Wave has the potential to drive people away from popular Google products like Gmail, Google Docs, Google Talk, Picasa, Blogger and Sites, as well as from similar products from competitors like Yahoo, Microsoft and AOL.

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