Mashable’s Ben Parr has an interesting writeup on Google Wave, a new application unvieled at the second day of Google I/O conference and scheduled for release “later this year.”

Since its launch Google wave has become the developer’s dream.  The concept behind Google Wave is to “merge” all communications on the web at a single place. It can be you chatting your friends, writing emails, IM and various other software. The special ability to display the hybrid sequence of communication makes it more interesting. Google wave shows these conversations live in your browsers: you will see your friends type character-by-character. You can even disable the option to let others know you are typing something and suprise them with your instant messages

Google wave is created by two of the guys who were also behind Google Maps, with a small team in Sydney.

Features don’t stop here, Google wave also lets users drag attachments from your desktop into Google Wave. It loads that file and sends it immendiately to anyone in the conversation or even in emails. It also lets you embeds any attachments and conversations into any blog just by drag n drop. So, its multi-tasking features are HIGH!

Google Wave will be launched later this year and right now its only available to selected group of developers, who will be able to create their own wave servers. Its also an open-source project with a lot of API integrations, so developers can make a lot of user-driven innovations and extensions for the platform.