Oh come on, Wave is much more than that! The advantage is that you can spend all your time deleting what other people have written and replacing it with "I'm gay!" or other such witticisms.

At least that's all I've seen it used for. Luckily as you noted, Google have a built in feature which will stem the flow, as participants have to dedicate more and more RAM to their browser just to open the wave.

There's a nice sequence of screen-grabs showing the journey into lunar oblivion plus summary of the post-impact press conference here.

It was strange not seeing any massive impact plume like expected, but seems they got spectroscopic data which is what really matters. You got the sense that all the journos were disappointed there wasn't a big KABOOM with all those questions asked about it in the press conference.