Not really. "It doesn't really use any parts of Wave's collab stack...We only really use the Keyboard signal event stuff from Wave since it is a pretty great library" -Jamie Yap's comment on g+ post.
Apache Wave is alive and well. BTW, I think we can stop calling it Google Wave :-)
I run Apache Wave on my laptop just to kick the tires and I had it on a server for a while so I could ask a few people to try it with me. It is an instant install and run from either the svn or mirrored git repo, if you use the default file store. Configuring it with MongoDB as a data store takes some more effort.
