I'm sure there are loads of opinions on what it means to be compared to a well-known service. My experience is that it can help with the elevator pitch, just to

I'm sure there are loads of opinions on what it means to be compared to a well-known service. My experience is that it can help with the elevator pitch, just to put a picture in someone's head in a hopefully enticing way. Then, if they are interested, you can launch into your 5-min pitch where you explain how you're not just like that well-known service, but different and much better. I used to hate having my startup compared to another service (and I'm still not crazy about it), but I now find such an analogy to be a useful stepping stone in a conversation. I say this because Google Wave definitely evokes an image in my head, one that is high-tech, interactive, collaborative, and ultimately failed (which is not a bad thing; that's just what my head spits out). A note and notebook evokes an offline pad and paper notebook... or Evernote, for some reason. Whatever analogy you choose, hopefully you choose one that evokes the right kind of image and sentiment you want from your listener. Good luck!