I got access to Google Wave a few days ago, and here's what the raw data for their Sokoban game (which supports two players playing simultaneously on the same board) looks like, for example:
<blip>
<p _t="title">
</p>
<p>
<w:gadget author="[email protected]" prefs="" state="" title="" url="http://sokoban-server.appspot.com/com.example.simplegadget.client.SokobanGadget.gadget.xml">
<w:pref name="playerAllocation" value="1 1,blixt">
</w:pref>
<w:pref name="totalMoves" value="8">
</w:pref>
<w:pref name="playerPositions" value="1 4,2">
</w:pref>
<w:pref name="rockPositions" value="6 2,2 3,2 14,2 15,2 16,2 4,3">
</w:pref>
</w:gadget>
</p>
</blip>
So yes, you can store any data you like in a single blip, with the possibility to go backwards in "time" to see older versions of the data etc.
By the way, if you're interested in seeing some code for a robot that sits in a wave and interacts with users, I made one for a game I'm developing: Google Code Project for multifarce (and the game in question, it's not really public yet and as such not particularly functional.) The bot source is here: multifarce Wave robot source
Basically, all you need to get a bot running are the 14 last lines in that code. I love it! =)