Well, it starts from that and then mutates. :) If the open file becomes locked by someone else, it sets itself to read-only. When the someone else saves, it automatically picks up the changes.
mouse-avoidance mode is pretty creepy too. (I'm not sure that's really what it's called, but if you've seen it you probably know what I mean, and if you haven't, well, you probably don't.)
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(I'm guessing it knows when you're working on a locked file?)
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