I don't see how this is different from a Google doc, where you have one doc owner and you can set permissions so that other people can view, edit, or only leave a comment?
I believe Google Docs keeps all the revisions, so if anyone cares a lot, they could go back and check.
But what I've found with Google Docs is that if someone is making a trivial change (like correcting a typo), they'll just go ahead and make the edit in the doc. If they're suggesting a substantial change, they'll add the suggestion as a comment and let the author decide whether to incorporate it.
It's taking serious effort to try to work out what pain this solves that isn't catered for by the above options.