Netwave Telecom is a Voice over Internet Protocol telecommunications company that offers phone systems and services for small and medium-sized businesses. It provides an affordable VoIP solution with features such as auto attendants, conferencing, voicemail, and video conferencing. While VoIP has advantages over traditional phone systems in terms of features and costs, it also has some disadvantages such as loss of service during power outages and potential voice quality issues that are reduced with sufficient internet bandwidth.