To me it seems to want to be Google Wave. A union of documents and chat channels so your workspace can be all-inclusive, but I think it has a bit of a fax machine problem in that I don't know anyone else to use it with.

Edit: the toolbar on a new "Paper" doc allow me to insert an image, media, dropbox file, table, timeline, to do list, and code blocks. I can link a calendar event to a doc, Oh, I can hit a button to switch to "Presentation Mode"... and I can highlight text to comment on it. So on second thought it seems very similar to google docs.

It sounds a bit like Hypercard. If MS made a wordpad powerpoint hypercard?

Theoretically. I don't know a single person that uses it.