OK - so that product/service does not exist yet. But it could. When Cisco analyzed the Google Wave announcement, and all the surrounding media buzz, it could have quickly stated that it planned to extend its WebEx Connect platform to support Wave once it proved viable in the market. Cisco could leverage its Jabber acquisition (people, technology) and come out with Wave Connect as an extension of WebEx Connect. Wave Connect would provide all the underlying XMPP infrastructure for Wave federation. Cisco could also offer its WebEx Connect "cloud" to third-party Wave application servers. Cisco could also then turn around and leverage its XMPP and SIP resources to bring the XMPP/Jingle world into unified communications - offering its third-party cloud tenants that additional competitive differential. It might also be able to tweak its WebEx Node for ASR 1000 Series routers to bring Wave into the enterprise.
Just thinking out loud... I might be off on some of the technical nuances - but conceptually - interesting.