Shortly after getting my invite to Google's new fangled "replacement" for email, i found the trick where you can search all public waves. After clicking a few i realized they were all infested with scripts ('bots") and other interweb-nasties. I was so unimpressed that I didn't race back to check on my wave account but on the handful of occasions that I did, i found any public wave that i clicked on was still there, filling up with more crap.
There is NO delete button in Wave, but there is a Spam and an Archive button. Sadly you have to click on the wave to be able to click any of these buttons, and as soon as you click your browser will likely go nuts, doing who knows what (have not tried to track all javascript/cookies etc)

So I've archived and marked as spam several of these trash waves and when i come back the next day, they are back.

Look, google does some extremely cool stuff and they have already changed the world (with Search). I love that they support and encourage open source software and they still have that 'cool factor' as a place for geeks to go and work, just like the way i wanted to work at Microsoft in the early 90's. I'm picking on Wave because this is the first time Google put anything in the wild that I didn't think was impressive or at least useful.
So I'm saying that I'm done with Wave for now, but I'm also not saying that i don't think it can't be fixed or become useful for collaboration or as a sort of groupware system. Maybe.  What I do feel pretty confident about, is that Wave as a re-invention of email is a failure.

Oh, also, its complicated, as this awesome website illustrates http://easiertounderstandthanwave.com/