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Google's strategy has always been to throw shit against a wall and see if it sticks. They've recently acquired the social app developer Slide, they just opened a blog for small businesses, they've got Android and Google TV -- it's all disparate businesses and some work, some don't.
Google is trying to build a social media platform to compete with Facebook and Twitter, but social seems to be the one area where they've had the most problems. Orkut didn't work, Google Buzz sucks, Google Profiles is a little meh. Killing off Google Wave seems to be the next logical step in trying to tackle social again with Google Me.
Just like everyone else, I'm eager to see it, but I think there have been forces within Google that might hold them back from hitting a home run with social - hiring processes and deifying of engineering over all else to start with.
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