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Co-authoring will be revolutionary I reckon, it's in my 'top 5 drivers for clients to upgrade to 2010'. In answer to your questions: SharePoint Foundation is fine. Yes web and rich client (i.e. Word 2010) both support co-authoring, the experience is basically the same from what I've seen. Probably, but remember that whoever hosts the functionality also ...

The Excel 2010 client application does not support co-authoring workbooks in SharePoint Server 2010. However, the Excel client application does support non-real-time co-authoring workbooks stored locally or on network (UNC) paths by using the Shared Workbook feature. Co-authoring workbooks in SharePoint is supported by using the Microsoft Excel Web App, ...

I've found this... So I guess it won't work :( Unlike Word, PowerPoint and OneNote 2010 it’s not possible to have multiple authors working on a document at the same time in Microsoft Excel 2010. However, if you have access to the Office Web Applications – where it is possible to edit Word, PowerPoint and Excel documents via a browser – there is ...