Jean-Claude Bradley's Wiki Paper Experiment is underway, and it's a worthwhile project to watch, because his goal is to see if a publisher will accept a paper written on a wiki. From the post, "The experiment will consist in seeing which chemistry publishers will accept a paper written on a public wiki and the use of links to experiment pages on a laboratory notebook wiki as valid references. As I learned from a talk by one our librarians Jane Bryan a few weeks ago, publishers are really becoming tolerant of pre-prints hosted on institutional repositories. This is really not that different."
He's even asking for feedback on the drafts, which is a great demonstration of how open science research should work.
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