You must read this article: http://googleblog.blogspot.com/2010/08/update-on-google-wave.html
I'm pretty much astonished, as this seemed to me a great product ...
This kinda surprised me too, I like Wave (and almost anything coming from Google, to be honest :p).
Rumour has it they're working on a new social/collaboration platform already; GoogleMe.
I hope they can take the fight to Facebook, which seems to conquer the world one feature at a time.