Google Wave - The new ultimate social experience?

Google Wave is a new type of social networking, right now only available as a developer preview, that lets people collaborate, share, chat in a very feature rich environment. There is the ability to collaborate on documents, such as Google Docs, where everyone that is part of your "wave" can partake in. There is a photo gallery that functions very similar to flickr, where people can comment on your pictures. There is also a chat interface as ability to read rss feeds that you comment on with others that are "friended" (for lack of a better word) with you. There is also an email inbox feature. As Google puts it, "A wave is equal parts conversation and document, where people can communicate and work together with richly formatted text, photos, videos, maps, and more."

It puts the best features of sites like Twitter and Facebook all in one. Google knows how to work with videos (think youtube) and so there is a very sophisticated way of sharing videos. It is great with its email, (gmail...) and takes the whole g-chat to one more level. There status updates for all your friends that are always visible. On top of that the ability to collaborate on various documents, and project, read the same rss feeds and event planning that also makes use of Google calenders. It appeals to both personal and business use.

Here is an article that analyzes how and why Google Wave might become the Twitter and possibly Facebook killer, http://www.pcworld.com/businesscenter/article/165726/is_google_wave_a_twitter_killer.html .
Here is link to the developer preview of Google Wave, http://wave.google.com/.
Screenshot of Google Wave: http://1.bp.blogspot.com/_ZaGO7GjCqAI/Sh7CwGVwsrI/AAAAAAAAP-c/oXE0YaJYS_c/s1600-h/google-wave-large.jpg

Do you think Google Wave would indeed replace facebook and the terrible twitter as the next big social networking site. We've seen how facebook has been constantly updating its features since the beginning, allowing better event planning and the video uploading and facebook chat. Google excels in all these areas so may it excel in taking over facebook's popularity as well?