Check the full article for some observations and speculation; I think Google still has a lot of work to do, in terms of explaining how it’s all supposed to fit together
When Google announced Google Buzz, its new social sharing feature for Gmail, company representatives admitted Buzz was inspired by a similar product: Google Wave. In fact, some of the features of Buzz and Wave are so similar you might be wondering why there are two different products in the first place?
Both services are supposed to help you create conversations and give you a richer experience around Web-based media like videos, images ,and regular text. But while Buzz and Wave have a lot in common, there also some key differences that set each service apart.