Google Wave is bigger than Facebook Apps
Facebook applications are an established business. Rovrr started designing applications for Fb back in 2006 when the platform was first announced. Now, even normal users understand the value and the benefits that they can provide to their personal Facebook experience. Wavelets are the next big thing. Wavelets have a business model. Wavelets are the name of 3rd party applications that sit in the Google Wave application. However, the potential outcome is significantly different. Google Wave is a collaboration platform with social aspects that targets both the personal market and business market. Businesses can host their own Google Wave instances and 3rd parties can extend functionality through Wavelets.
Why are Wavelets the next big thing? Because businesses will pay for them. Because end users will use this in lieu of email or AOL Instant Messenger. They have the promise of bringing all of the ease and potential of Facebook applications in to a business environment.
Learn more about the API here: http://code.google.com/apis/wave/
Learn about the developer's guide here: http://code.google.com/apis/wave/guide.html
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