Agreed. Or at least the basis of it.
I’m reminded of an effort under the name “future of the book” - which seems to have disappeared - but I think it gave birth to the Zotero tagging service - which, unfortunately, is not completely available (the server-side stuff is not).
TiddlyWiki - as an editable book, with commenting features - seems like a great basis for “living documents” - particularly if coupled with a publish-subscribe style versioning and commenting system.
Funny thing… I’ve been looking at Tiddly as the basis for just that, for some work I’ve been doing.