In wave you would often like to show some code to get some feed back on it. A gadget which can help with it is wave code prettifier by Milan Andrejevic . It is a gadget you can put into your Wave and you can then get formatted code in your wave.
The code gets highlighted as you type. The language is determinate automatically, or you can overwrite the control.
The gadget XML can be found hire.
You can enter you non formatted text on the top in the small window, and then the formatted text will be showed in the button panel. The buttum panel will be expanded as a result of data typed.
When you type something data is directly shared to the other users. If you type fast on a large text you are sometime send to the buttom of the field and complete the text at the end.
I would also like to see that gadget to have difference between edit mode and view mode. That way you would only see the formatted text as an ordinary user.