Buzzword : The first real word processor for the web, is a breakthrough in collaborative authoring for documents that matter. Also known as Virtual Ubiquity. This tool is offered by Adobe Systems.

Features:
With Buzzword you can:

• Access your documents from any Internet-connected computer.
• Work together with others to create, comment on, revise, and publish your documents, without the need to email documents back and forth.
• Avoid editing and reviewing conflicts, since everyone works with the same version of the document.
• View and edit your documents exactly as others will see them, and exactly as they will print.

Limitations:
Limited set of fonts

Related Links:
Buzzword Site
Buzzword: Web-Based Office Docs Never Looked So Good
Buzzword Launches Social Features with Zoho Writer Rival