It's basically realtime dropbox with a facetime window.
Irony is, as much as pro tools is the alleged "industry standard", in order to use this function, all parties would have to use it as well(will never happen). As far as Pro Tools' "standard" of compatibility goes, you'll have guys with alternate plug ins, different versions, attempting realtime destructive edits, needing to run things out/in again, ect. It's a fun idea on a basic scale, but won't replace simply dropboxing a beat, having a performance added, dropboxing the song again to have it mixed, and finally just sending the finalized product to the client. All this can be done during a phone convo or facetime now in minutes.
Pro tools is far from a standard in this era of music. I'm sure as you visit these studios throughout Houston they have different versions, different effects, different builds with HD systems, ect. You may as well be using Cubase, Logic, Sonar, Digital Performer, ect and exporting OMF or stem files. All just as compatible.
Pretty sure Presonus has a similar function, but could be wrong, don't use it, just think I remember seeing something about that while checking out the copy that came with my interface.
I do agree checking out the avid forums will more than likely get you more in depth discussions.