EtherPad:

Unfortunately, current EtherPad customers are upset because they don't believe Google Wave will be as good as EtherPad. Customers who have the "professional" edition will be able to export their files into zip files and if they are using a "starter" edition they can export into various formats. The web based application will only be operating until March of 2010. Because of this you can no longer create EtherPad accounts with AppJet.
I think this is a smart move for Google. Their Wave has not been completely released, so it makes sense to acquire a company that has the online collaboration already figured out. Hopefully they can create an online word processing application for Google that will function the same way as EtherPad.