i have heard of this before, and was thinking of giving it a try.
i guess it can be useful when doing group projects next year. but wonering who has the final say/main control over what goes in?
This can also cause a project to flop in a way. Only way to find out is to put it to the test.
But the best way of getting it done is making the effort to actually meet up in person, book a room and get the work done together. This would not be convenient for everyone though, of course, and thats were Google Docs comes in.
Google has a list of open source apps which they are trying to make stable versions of. - meaning that they are in their testing phases and they have big hopes for.
labs.google.com