What advantages this virtual ram will give us? Is it a way to have less GDDR6 ram, and have the SSD/Optane like SSD as a ram instead?
Solid state storage is a poor substitute for DRAM. It's faster than a spinning disk, but still orders of magnitude too slow or lacking endurance. Having fast storage can indirectly reduce the need for DRAM capacity by reducing the amount of time it takes to load sufficient data for use in a game's simulation or rendering for a given frame. Streaming data on the fly often relies on loading data sufficiently far in advance of when it is needed. The slower the storage relative to the demand, the further the system must load things in advance. A downside of this is that the more data that is loaded, and the earlier it is loaded, the less certain it is what must be loaded. This means a certain amount of extra data can be pulled in just in case, since the information needed to narrow down the range may not be available in time.
If the storage system is faster, then a more current list of assets can be submitted, and buffered data can be more readily dropped from RAM if it can be safely brought back in time.
Reducing the need for having a lot of data just sitting around "just in case" can reduce the pressure for more DRAM, not that devs couldn't find a use for it if available.
Watching Kanter talking about Wave32 and Wave64 and how it works for backwards compatibility, does this mean that is this first version of RDNA that the consoles will and MUST use?
The presence of the wave64 mode is up to the designers. If they want another version to support it they can decide to have it.
It's possible the first generation RDNA GPUs and the next-gen consoles are in a similar situation to the first generation of GCN GPUs and the current consoles.
Southern Islands was the first GCN, but there were elements to the architecture and surrounding hardware that hadn't moved as far from the prior architecture as they could have. The consoles had Sea Islands, which updated a number of IP levels the first GCN products weren't able to modernize sufficiently.
Since the consoles were in development at the same time as much of the GPU hardware that came out just before or around their launch, they had features nobody new about prior to launch.
The advance disclosure of some features is different this time, but semicustom clients have access to IP from future products and are often developed in parallel with products that won't launch until much later.