Mohsin Khawaja thinks that Google Wave is much better then Twitter. His analysis is in Search Journal at:
http://search.sys-con.com/node/981854

Here's the post:

Google Wave Is Much Better Than Twitter

Wave is much better, interactive, fun and less-hectic than some of today's top social media tools
By Mohsin Khawaja

Google has just launched a new WAVE in the Social Media World and it is named "GOOGLE WAVE"

Google wave is unique in the sense that it is "both a conversation and document"

* People can communicate and work together with richly formatted text, photos, videos, maps, and more.
* A wave is shareable. Any participant can reply anywhere in the message, edit the content and add participants
* A wave is live. With live transmission as you type, participants on a wave can have faster conversations, see edits and interact with extensions in real-time.

GOOGLE WAVE AS COMPARED TO OTHER SOCIAL MEDIA:
Although Google Wave is not open for public yet but after a preview at the features just introduced by Google I think Google Wave is much better, interactive, fun and less-hectic than some of today's top social media tools.

I think Google Wave will be better than Twitter, since it will provide live interaction without the need of "another login" and at the same time I think Google Wave will provide a better collaboration among friends and peers than Facebook or Myspace, by allowing rich media collaboration with friends like commenting,editing etc. for various stuff you post. And one important feature is "You can also use "playback" to rewind the wave and see how it evolved." I believe it too be the most exciting and thrilling part !
CIO, CTO & Developer Resources

I mean no offense for Twitter, Facebook or Myspace, I use them and appriciate their features, but there is always a need to combine different features at one place and Google Wave promises to provide such enviornment. I am excited about it, what's your thought?