Last month Google unveiled a new application, Google Wave, brainstormed by the creators of Google Maps. It's meant to be a new communication platform for the web. Wave will combine the features of email and IM - a Facebook, so to speak, for business projects. Users can upload comments, which in turn can be commented on and graphics, video and other items can be included into the mix.
Unlike Facebook the history remains so that new users can easily come up to speed on a project by reading the posts and comments.
It seems to have great potential and there is great need for this technology. Conference calls and email work, but as everyone knows, it's certainly not perfect.
I would add voice to screen transcription so that phone conversations can be added to the comment section as IM communication is included.
See the product from Google's IO Conference: