UPDATE: Google Wave as a product by Google was killed on April 30, 2012.
If you were a little overwhelmed by the 80 minute - Google Wave Demo or if you watched the whole demo and still don't really know what Google Wave is all about. How about this one? It is a really quick, animated 2:14 video posted on YouTube by Epipheo Studios that tried to explain Google Wave in a basic, overly-simplified fashion. Now you will have a quick answer for those people in your life that ask you to explain exactly what Google Wave is and what it does for us.
<iframe width="640" height="360" src="https://www.youtube.com/embed/rDu2A3WzQpo?feature=player_embedded" frameborder="0" allowfullscreen>
UPDATE: Google Wave as a product by Google was killed on April 30, 2012. The project has since moved to an Open Source Protocol currently incubating at Apache known as Apache Wave