Google Wave is an online tool for communication and collaboration. According to Google, it should be out later this year (which means sometime in the next 3 months). With the tool, users can create a "Wave", and work together on documents and files. Here's an example.
For a better understanding of Google Wave, go here or check out this video from Google I/O 2009:
When Google started working on Wave, developers started wondering how they would be able to get the live updates to work on a mobile phone (iPhone and Android). According to Engadget, just a few weeks ago this dilemma was finally solved, so Google Wave can now be ran on the iPhone. Keep in mind, that this all is in alpha mode, so it's extremely buggy and very far from ready. It's also only available for developers to tinker with.
Google allowed Engadget to try out the mobile app, and they got to experience both the functionality and the buginess. Check out their video:
The mobile version of Google Wave functions through the HTML5 standard. Google said that it's much easier to create a webapp than an entire iPhone application, since the webapp version only required changing 5-10% of the regular version's code. The only difference between the mobile version and the regular version is editing…you can't go back and edit a wave through the iPhone's Mobile Safari. It's interesting to see that Google is now completely focusing on building web apps than dealing with Apple's app approval process.
This should be available for users in the next few months, so we'll keep you posted.