David Sparks tried using the recently-updated service:
While the experiment ultimately worked and he could see what I was typing, it was hardly simultaneous. Basically, we discussed and I wrote and he waited for the changes to show up, which happened about 30 seconds after I typed. If he typed anything on his side (even just a space bar), I got a conflict message on my end and had to pick a version to become gospel.
As nice-looking as this product may be, collaboration should be at the heart of any online document suite. This is just pathetic.