Octopz runs in its own browser window and uses Adobe Flash to mix a whiteboard space with live text, voice, and video chat. The workspace has an area to upload and share files with other group members. Each uploaded file gets its own folder, which houses any edits made by group members. For example, if you're making notes on a digital photograph, other members can create a copy of that photo and add their own notes. Each version is neatly stacked underneath the original. All group edits are saved and stored, and can be shared and edited later for asynchronous collaboration.
Things get a little tricky with Octopz's multiuser controls. Anyone can grab control of the workspace at any time, which in testing led to some minor power struggles. There's also not a way to keep track of which group member made which edits, either with a history or differentiating colors per each user. Despite these issues, Octopz handled a four-person conference from three different geographical locations smoothly.
Octopz comes in at $99 per month per license, which is twice the cost of the standard version of Adobe Connect. However unlike Acrobat Connect, Octopz lets businesses create an unlimited amount of rooms and users, something you don't even get with Adobe's professional level of Acrobat Connect service.
Update: Fixed pricing clarification regarding comparison to Acrobat Connect. Also, Octopz was picked as one of our Top 5 favorites from the Web 2.0 Expo earlier this month.
For more screenshots of Octopz in action, keep reading.