You may want to also check out kuro5hin.org. They've been doing a form of what you are talking about via the "edit queue" for quite some time, where members can

You may want to also check out kuro5hin.org. They've been doing a form of what you are talking about via the "edit queue" for quite some time, where members can comment and suggest changes using a different class of comments that reset prior to the article being published. It's a shadow of what the community was at it's peak, but it still may offer some insight.