That would be neat. Certainly possible via a greasemonkey script or ff add-on. I've seen a few that do this kind of thing, either to share with other viewers (eg, http://shiftspace.org) or to grab text for personal notes or research applications.
Speaking of blog feedback, applying this kind of markup to "inlined blog comments" would be neat. There are js widgets and wordpress add-ons that provide simple inlining/annotation of comments on blog articles.
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Sometimes I'd like to be able to see what other editors have done. Is this possible? I wouldn't want to feel that we're all correcting the same spelling mistakes.
Another neat feature: automatic partitioning of file for different editors. Say I'm writing a long article or a set of articles. Automatically send different portions to different users. More efficient.
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Do you use version control under this? This feels to me like applying open source review process to text.