Over at Open Culture, there's a story about a collaboration between Penguin and De Montfort university in the U.K. wherein the two outfits attempted to create a collaborative novel, wiki-style. Take a look at the results here. I took a brief look and it's pretty awful.
I'm a big advocate of all this web 2.0 stuff, but I don't think creativity is under any immediate threat from the new tech. If you've got a fear of robot overlords or a digital mob taking our place, I wouldn't worry (at least in terms of literary creations).