this is awesome! i was brainstorming about how to do something like this a few weeks ago when one of my fellow students brogth his digital slr in instead of taking notes..
we started as a group of about 20 or so comp sci students, taking joint notes in google wave for 2 semesters now.. it works great except if there are alot of diagrams.. and ascii diagrams just take too long and dont do the original justice. so we started adding pictures..
i am excited to have a tool to clean them up now =)
ps anyone else doing this joint notes thing? if not you should try it.. it works wonders for studying for tests