Fair points. Wave may indeed be successfully used in collaboration products like Pulse, and that would be good. But for me that would still be a very disappointing outcome and is what I had in mind when I wrote 'languishing in obscurity'. The great promise and potential, which sadly won't be fulfilled, was for collaboration and communication across broader communities beyond one company or group of friends.
There's nothing stopping someone from setting up a service similar to Google Wave using the open source implementation. Let us get version 1.0 out the door and we'll see what happens