Innovation managers need to develop clear metrics about performance criteria and be ruthless about shutting down projects that do not meet the bar. The ability to (quickly) shut down failing projects and reallocate intellectual and financial resources to other more promising endeavors is critical to innovation success as it releases individuals and budgets to take on the next big challenge.
I for one am eager to see the innovative elements of wave make their way in not only Google Me, but also Google Mail and Google Docs. The concepts that were in Wave will be found in every single wiki-based platform in the coming years. Hopefully, lessons will have been learned from this start-up and a new more powerful start-up project will spawn as a phoenix.