I used Google Wave and I thought it was great. They killed it and are using imap for gmail with a few custom features.
Faster cheap Internet? How is that an innovation rather than iteration? We can do the exact same thing as everyone else, but faster and cheaper? That's not innovation.
Iterations....
We have had AOL, Hotmail, Yahoo, and Gmail, none of which have changed the way we deal with commication or email in the last 15 years.
Where are the disruptive innovations that change the way we use mobile computing? I welcome it from Google or MS or Apple. None have done this so far.