As Ryan Paul at Ars explains the reboot isn’t too terribly surprising. The project had already seen some dialing in of its focus, introducing the ability to embed the editor on web pages, a feature improved in this 0.6 release. Most of the other changes are behind the scenes, the sort of necessary house keeping projects of this size will naturally go through so that they can actually be maintained rather than spinning out of control.
Having recently used Wave for some deeper online collaboration, I think this class of applications is growing on me. It certainly could be used for faster sharing of code and distributed hacking even than the recent crop of lighter weight, distributed version control systems. Combine it with the increasingly easy task of embedding dynamic script languages into server-side platforms and some interesting possibilities for truly open ended, rich web applications starts to look very interesting indeed.