I read this post by Evan Williams a while back and put it into my task list to reply. Running an organisation via public web applications is a possibility today, but there is cause for concern with taking this approach. Firstly, each web application represents an information silo and it can be hard to create linkages across these stores.
Technologies like RSS do address some of the problems but RSS feeds tend to be transient and don’t make for good programmatic query interfaces. I think applications like Outlook and JetBrains’ Omea Reader are going to start playing a much larger role for organisations that work with information stores like this, but they can only do it if the various web application vendors start exposing API’s for doing things like fetching bug lists (FogBugz might already do this – I don’t know).