Developer accounts for testing Google Wave are now in circulation and the lucky blighters at Engadget have been among those trying it out. Although it’s certainly not ready for primetime yet, the revolutionary collaborative communication platform is certainly looking just as exciting as it did at the Google I/O conference in May.

What’s particularly interesting is the iPhone version of Wave. Using the HTML 5 capability of the mobile Safari browser, it allows for almost every feature of the desktop version. Back when the mobile version of Wave was revealed, realtime text display was missing as Google hadn’t worked out how to transmit all that data reliably. A solution has been developed and text now appears on the phone’s screen character-by-character as it’s typed by another user, just as it does on the desktop.

As you’ll see, there’s lots of room for improvement. Still, it’s testament to the power of HTML 5 that an application as complicated as Wave is working on a tiny device such as the iPhone.

httpv://www.youtube.com/watch?v=IZe095CEwTM

Wave also works on Android phones. Meanwhile, Google recently made the first steps to allowing developers to run their own Wave servers.