If the desktop version of Google Wave is "experimental but not without function," the iPhone edition does two and only two things. It shows you your inbox:

Cool. Waves with fresh content are up at the top. Those icons represent users and gadgets that are contributing to the Wave.
 
And then when you tap on a Wave to see its content, Wave for iPhone does its second thing:

Yes, it amuses you. Which is more than many apps do so: Win!
 
(Still experimenting but having lots of fun.)