Collaboration will work. After we discovered that an incorrect email address was being used by one of the collaborators and a telephone call while using the application, I can now say that it's going to be so awesome.
The first person to send a Share Invite is the author. The invitee receives an email with a link to the sheet and the sheet appears in your Shared With Me folder. You can then open the sheet and make additions, edits, etc. We found that the author doesn't see the change/s until you Share-Notify Author. The author receives an email with a link and now has any changes you have made.
We also found out that chat is available if more than one user is online at the same time. Really cool.