From The Complete Guide to Google Wave: How to Use Google Wave
The Wave preview is pre-beta software, with lots of missing functionality. This appendix is a quick list of what you can't do yet in Wave.
Currently, in the Wave preview you cannot:
- Disable real-time, keystroke-by-keystroke live-typing in draft waves, then post them to the hosted conversation by clicking Done (this feature is forthcoming)
- Remove participants from a wave if that participant is not a bot (this feature is forthcoming)
- Make a wave read-only (Google "looks forward to offering this functionality in the future."[1])
- Ctrl+Z (Undo) changes as you're editing a wave
- Copy gadgets; the menu item is disabled in the date drop-down menu, a likely indicator this is forthcoming
- Cut blips into other waves (Wave surgery). Google has said that this is coming
- Hide or expand all inline blips; the menu item is disabled in the date drop-down, a likely indicator this is forthcoming
- Diff revisions that aren't sequential in playback
- Set your status to invisible or away (if you're online you've got the green dot whether you like it or not)
- Merge waves or blips
- Organize your contacts into groups
- Rearrange blips' vertical order
- Delete waves or remove participants from waves (both promised [2])
- Prevent someone you added as a participant form making the wave public, and thus exposing a potentially private conversation.

