Finally got my google wave account. There are only 8 invites, and I've already used up 4. planning to give one per group, so that within that group people can distribute their 8 invites.
Anyway, having checked it out, I've realized one really fun game I could run online: 1898 Philippine Revolution. I've got my history books, I can fix up the characters, there is a dice roller program out, and we have gmaps running on the wave! Oh yeah, and don't forget playback!
It works visually, organizationally, and allows for a great variety of locus. Of course, I'll certainly miss the theatrics. Although it doesnt necessarily stop there, a laptop face to face RPG game is plausible.