I'm testing embedding a wave into a blog post. You won't be able to see the wave if you don't already have a wave account.
Now, the interesting thing to note - for all of you who don't have wave but are reading this post (.... anybody?....) - the entire Wave is posted in a fully editable form. It is just as malleable as it is when accessed through the GWave GUI.
So this is where we get a blog/wiki feel where content has been posted to a site but everybody can edit including text you write.