Larry Lessig is going to use an open process to produce an update of his book Code. (Tip from the Volokh Conspiracy.)

However, Lessig will retain total control over the final published version, and over the royalties (although he is donating his advance to Creative Commons). So a skeptic might notice that this is an excellent way for him to get expert research and editing help at very low cost in money or personal time.

There is nothing wrong with this, since the participants will be consenting adults, but as a mode of production it is dependent on the participants: (1) Deriving sufficient psychic pleasure from the enterprise to motivate them; and (2) Having outside sources of income.

This is not the wave of the future. The wave of the future is the combination of the communications power of the Internet with the motivational power of money.