In keeping up with the latest trends I threw together a quick Google Wave page for the UCO College of Business Administration. (http://busn.uco.edu/wave
So far as not many have access to Google Wave it is not highly used. Using some of the features of google wave you can not only make your wave public, but embed it into your site.
I think the idea of this is great. In the future you could 'subscribe' to many different website's waves and then view them all in your wave client. It's almost a mix of RSS and the Comments section of a blog.