Facebook is teaming up with Microsoft to create a collaborative document-editing tool, called Docs.com. Users will be able to create, share, and find Microsoft Office documents with their Facebook friends. The site was built on Microsoft 2010, and hopes to bind social media and documents.
This looks like a competitor to Google Docs, and Google Wave. The website will have an online editor computable to to the desktop version and have real time collaboration like Google Wave. Will this work or fail, time will tell. As of right now you can sign up, and wait to get a invitation to test the features.