This really makes me sad. I work in media, and I have found that the collaborative aspects of Wave really made that process easier. I scored an entire film earlier this year, and the producers and I only used Wave as our collaboration space. It was
beautiful. Keeping track of various versions of each cue was easily 10x easier than my usual mode (email/FTP/Skype/Phone/etc).
We started off with a collaborative list of every cue needed during the first run through, and then let that list grow bigger and bigger with inline replys. Wave's built-in media features meant that I could paste mp3's into the space and let the filmmakers hear my work immediately, and then download the file to put into the project. This meant that when it came time to FTP the big, uncompressed files, it was only the finals, which made things a lot easier.
Likewise, collaborating with temp music was a breeze-- the filmmakers even scored a few sections of the film with temp music and then put the video right into the conversation. (No more folders full of giant quicktime files with different scores).
I know that I'm going to miss that experience. Oh well. Perhaps someone will take the open-source'd code from Google and build a better product.
I'm not holding my breath.