Wow! go SocialText go! I want this as a Drupal module!
Quoting SynchroEdit via Ross's blog

SynchroEdit is a browser-based simultaneous multiuser editor, a form of same-time, different-place groupware. It allows multiple users to edit a single web-based document at the same time, and it continuously synchronizes all changes so that users always have the same version.

SynchroEdit's main editor is fully WYSIWYG, dynamically displaying bolds, italics, underlines, strikethroughs, with various justifications, indents and listing styles as an author inputs them. SynchroEdit also supports a simple, text-only editor for more basic documents. To clarify the multiuser experience, the editor window clearly depicts every user's changes in a specific color and also marks where each user is currently editing with a colored flag listing the user's name.

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