Not sure if its again something against the name of Google Wave, but Microsoft named its new release as Microsoft Wave. Its nothing in specific, but just a site to keep track of the development of various products being launched by Microsoft. Its a site that will be maintained and blogged by Microsoft people from the UK.

It will display everything that Microsoft and its technology can do for techies, and gadget users. Every new product being launched by Microsoft would be displayed and promoted there.
Here are a few products that are currently being talked and displayed there:

• Office 2010 and Office Suite
• Kodu from Microsoft research – Language for people interested in creating games
• Microsoft Expression Suite – Guides and videos on how to get used to it
• Photosynth – Photos into 3d format
• Worldwide Telescope
• Xbox Project Natal
• Seamless Zooming Capabilities with DeepZoom
• PC Selector
• Live Mesh for online storage

There is also a blog where the updates about the latest developments are going to be posted.
Check out Microsoft Wave and keep updated with the Microsoft developments!