Great news for our Office 365 customers! Real-time co-authoring is now available in Office Web Apps. If you don't know what Office Web Apps can do for you - check this link out. In a nutshell - Office Web Apps allows you to edit Word, Excel, and PowerPoint files without having to actually open up Office on your desktop. This is a great solution for plant floor staff, highly mobile staff, or users who (for whatever reason) just don't have Office installed.
If you are working together on a spec sheet, a budget (how we use this functionality internally), or a proposal - your entire team can work together right through the browser.
You can read the full post over at the Office Blog. No need to press the refresh button - your changes will be seen real time!