My running dream is that it would be web based (but not a todo list) and would be based on the idea of a project built of tasks with definite finishing points, and subprojects, and the ability to direct other people to them and ask/answer questions, make notes, verify things and confirm tasks are complete.
I picture it in my head as Etherpad meets old-school vertical scrolling 2D games meets Gantt charts meets braiding ( http://theautry.org/ortega/images/four_string_braid.jpg ), I guess meets Google Wave though I've never used it.
The braids go to other people "request input from Alice, then verification from Bob, then back to me for implementation", and as the "view" scrolls, the completed tasks are fixed in time and cannot be altered, but can be brought back up to the front for reattention.
I put it here so I can note it somewhere and because it's related to how annoying email is to use for ongoing work between people. I'm suspicious that it's impractical if delved into in any depth, and that the good bits are done in some existing tracker / helpdesk / ticket / project management software if I knew how to look for that kind of thing.