There’s absolutely no reason a community group, organization, or collection of friends couldn’t share everything they needed using protocols and servers that have existed almost since the dawn of UNIX. And with federated protocols like XMPP (on which Google Wave was built) there’s also no reason that such services couldn’t “scale” to include progressively larger circles of contact.
In the end, the need for profit can only ever add unnecessary and unwanted side-effects to our medium of communication, whether it’s omnipresent and invisible tracking of everything we read and say, a visual landscape overrun with advertisements, or software that disappears and takes our data with it once we stop paying rent. The “cloud” model is becoming popular first and foremost because it enables new forms of profit. However with just a tiny amount of work and responsibility, we can make the Cloud’s few advantages redundant, re-possess our information, and finally move to an era of worldwide, decentralized, participatory digital democracy.
I think I’m in love.