You have to somewhat admire the MARKETERS at Google no matter how you feel about the company as a whole or their agenda.
Having that big
W for their product logo is just plain awesome and hilarious at the same time. The w subconsciously links the mind to Windows, both good and BAD thoughts. The bad thoughts get them to use the Wave because it is NOT Windows and for the good it's like a "Cute" version of Windows just for the FUN stuff on the computer.
The
W looks like a crown, and of course the first letter of
WIN!!!
Then the name itself, Wave. A wave of the hand is the same as saying, "Hello" in any language and is universal. Then of course the obvious of Surfing the Net.
Here's a screen shot of the actual interface
http://www.crunchbase.com/assets/images/original/0004/5813/45813v1.png
Based on that screen shot, I'd say they are really trying to steer users into using online storage over keeping data on your LT or DT if that is their OS's interface. It looks like a dressed up Chrome browser to me.