EtherPad
EtherPad is the only web-based word processor that allows people to work together in really real-time.
When multiple people edit the same document simultaneously, any changes are instantly reflected on everyone's screen. The result is a new and productive way to collaborate on text documents, useful for meeting notes, drafting sessions, education, team programming, and more.
EtherPad has been acquired by Google.
Update:
New
Transition Plan
“Etherpad is simply the most frictionless way to get people on the same page.”
—Drew Houston, Dropbox
Read more testimonials
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Edits highlighted in author's colors
Quickly know who contributed what to the document.
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Really real-time
Forget emailing files back and forth: changes happen instantly for everyone.
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Infinite Undo History
Don't stress about group mistakes — all changes are saved on the server and can be undone at any time.
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Global list of pads for your organization
Track all your pads and sort them by authors.