Imagine going to an Opportunity. You are dealing with 3 different people. Instead of a note-history tab, you have converstation tab. Each conversation is complete, click to open it and you see the entire conversation regardless of channel (phone calls, email, IM, web portal, whatever - yea, mutli-channel) . And any even more beautiful thing would be the ability to extend this conversation to the customer's personal portal. The could see it and interact with it right on the personalized website, in context of the topic.

Has anyone been looking at Google Wave?

 Social CRM is about the conversation across multiple channels. While I don't see huge inroads of Social CRM to mid market B2B businsesses, I think some tools and concepts like this make customers feel more empowered while delivering convenience to the company. Our minds work like this. We can have many conversations that span over weeks or months with our spouses, and we have no problem identifying the thread. So, why has it taken so long to figure out how to do this in the CRM world?