Nice!
Is an embedded wave going to be relevant to search marketing at all?
If you search in Google for something and that phrase is in some wave,
then Google is going to show you a URL for that wave that points
directly to
wave.google.com or whatever. Not your web page with the
embedded wave in it. Your example would rank well on "jWave v1.0
(Beta)" because it's in your page title, but not on phrases only found
in the wave itself.
For SEO, your web page itself would have to include relevant content.
Possibly extracted from a wave by a robot, but I don't think that
you're going to get any SEO value out of the contents of an embedded
wave. For example, maybe you have a page that compiles a lot of
related waves together and indexes them. That index page might rank
on a search phrase if it's got a good title and description of its own
and relevant key phrases in the meat of the page, PLUS embedded waves
and wavelets. But your leaf pages that are simply containers for
embedded waves are going to rank below the Google-hosted URLs for the
waves themselves. Most of the time.
Correct?