Google Docs seriously messes formatting. It's good for collaborative editing in real time, but I've never tried annotation. If you don't need real time or do need privacy it's pointless.
I know nothing about Collabora, but having had to use Google docs in a team I can't see it doing what Hitch wants. It was also a pain in performance on a 8Mbps down / 1Mbps up broadband connection. So glad I don't have to use it now.
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