I spent some time last night cleaning the Wave up, so its more readable now!
There is a lot of hype surrounding Wave, it is great, but it isn't the secret to ever lasting life or even the new Internet.
It is definitely a new way for people to communicate, bringing a few different methods into one point (your net identity). It doesn't mean you will just use Wave and never log into Facebook, Twitter, Bloggs and Forums all together, but it does allow you a central place to keep track of what your saying/doing.
Facebook, Forums and even Twitter offer more content when you are within there sites.
(Think of it as a Google reader for your communications)
So if we imagine this forum supporting GoogleGears or having its own Federated server then you could post a conversation here in this thread and it would appear in your Wave.
You could then go back and carry on this conversation as and when you choose.
You can add images, text, maps, links etc all the things you want to add.
You wouldn't however be able to start a new thread without logging onto the site first (although you could log in through an iFrame in wave)
Now part of the problem of allowing a GoogleGear onto your site, is that you lose control over the site. Anyone can edit stuff and do what they want with it. So in OcUK's case they simply wouldn't allow this.
Why well because this forum keeps a lot of control over what should and shouldn't be on it. Google Wave at the moment at least just doesn't allow people to control what is being said.
What they could do though is own a federated Wave server and then administrate the OcUK Waves that were on that server.
Again though they are pretty open by definition, so it allows for a lot more in the way of editing and contribution.
Currently there is no way to set-up a super admin and moderator for a wave. This is definitely something they will have to introduce later (the ability to lock and choose types of content and kick/ban users from Waves).