Google Wave is a new tool for communication and collaboration on the web, coming later this year.
You can watch this video to know more about it, and to see what it looks like.
So will this replace Google Docs?
No, well.. It'll be a totally new web app.
Basicly, from what I understand from it, it's a new tool that will allow users to send messages to each other, but with live editing.
So lets say I send you an email using Google Wave, you can simply start typing a reply, and I would see you typing it.. it's a little hard to explain..
Here's a shortened version of the video if you are too lazy to watch 1 hr 26 minutes: http://www.youtube.com/watch?v=Itc4253kjhw&fmt=18
Sounds very neat.
I think Google offers 25Gb of space
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Yeah, most of the big email companies (Gmail, Windows Live & Yahoo!) have updated to 25Gbs.