As of 2009 Martin Seibert wrote an excelent article about Google Wave, “Why Google Wave Sucks, And Why You Will Use It Anyway” (http://techcrunch.com/2009/11/26/why-google-wave-sucks/).

Recently I tried to clean up in my google account using Dashboard https://www.google.com/dashboard/

I found out that Google Wave it is in read-only mode, and there is no way to delete wave subscription, other than deleting entire google account.

The good news is that on April 30, 2012 the entire Google Wave service will be shut down as announced by Google Wave Team here http://googlewave.blogspot.com/2011/11/final-steps-for-google-wave.html

I am not concerned about advantages or disadvantages of a dead product. I am more concerned about Google privacy. Recently Google announced  a major change in his privacy policy. But still we are not able to have full control over our content from Google accounts.