You get this:
A very serviceable platform for collaboration.
I think this is the setup my Advanced Composition students and I will use to create collaborative outlines for group research projects. Why add the feed reader? Because Writely provides acount holders with rss feeds that tell them when documents they're working on have been changed by their collaborators. Of course, one could also use a wiki like Schtuff or SeedWiki in such a setup. I think I'll stay away from full-blown wikis, though, as they are more than this class needs right now.