Yep, it's a very specific way of doing things, but to be fair it works and most attempts (there were lots in the late 90s and early 2000s) really didn't.
You'll find that real time editing by multiple parties without some strict controls and defined stages, usually ends up like a terrible mess.
The main reason Wiki works is that there are strict guidelines and/or the topic is well defined in the title of the article. With posts that is not generally the case.
An interesting approach is that of RapGenius. See: news.rapgenius.com/Satoshi-nakamoto-bitcoin-a-peer-to-peer-electronic-cash-system-annotated
You can see how would such a system work or fail to work, and its limitations.
