What took Google so long to figure out that Wave's should be easily embeddable into a web site. Apparently the thought either never crossed anyone's mind or it was so technically challenging that it took almost a full year from Wave's May 27, 2009 introduction to figure out how to do it.
Now anyone can embed a Wave (be sure you first share it with public) and even those without a Wave account can visit your site to see the content. Previously if a user did not have a Wave account they'd see a blank space.
Here's a sample of a Wave I've embedded to my site for use during an upcoming conference: