Not only is it sans Skype client, but it has recordings (labeled by person speaking) of individual utterances, so you can quickly playback what a particular person said at a certain point in time.
It's amazing to make a Skype call from a browser without running the Skype client. How do you ask? Well, it uses a browser-based Skype client using a IAX2 Java client to communicate with Asterisk which then communicates with the Skype network cloud. On top of it all you get Google Wave's powerful collaboration capabilities.
Perhaps some IP address geocoding combined with Google Maps to show the speakers' locations might be nice addition to this mashup. Or even pulling down Facebook profile pictures. There is definitely some awesome potential for this.
Maybe Google can even stick your Google Wave/Skype/Asterisk collaboration sessions into their newly released, centralized, Borg/hive, data-collecting, privacy-busting Google Dashboard?
