The thing is, Office 2010's big feature is the collaborative working, where the desktop software, the Windows Mobile apps and the new web-based versions of Word, Excel and so on can all be connected "live" to documents in Sharepoint and everybody can edit them at the same time. Which sounds a lot like Wave, except that Wave is "open", although I'm unclear as to whether that means it's a standard that Google are going to hand over to ISO or ECMA or W3C or not.
The one that will be of the most interest to me is the one that I can easily integrate into my own applications, allowing multiple users to simultaneously modify any LOB data, rather than just documents and spreadsheets.
Also, Google are getting pretty evil lately. It'd be hard not to, when you're in control of the world's information flow.