The way MOSS 2007 Wiki works is simple. A user creates a page based on whatever information they like. It might be about a new merger that's going through or a page detailing the specifics of a certain client and their needs. Once they have updated the information they think is relative, they'll then share it with other users on SharePoint. Those users will then be able to add or delete items from this page.
The basic benefit of this type of product is easy to see. Instead of one user compiling information and then having to deal with numerous other users e-mailing them to tell them things to add or subtract, the other users can simply do it themselves. This saves time for users on both ends. The ones who want to make changes can do so with MOSS 2007 Wiki and don't have to waste time detailing, explaining and defending them to the user who created the page. The one who created the page doesn't have to waste time reading through countless e-mails and updating the information.
One of the benefits of MOSS 2007 Wiki is the ability to set permissions on a page level. What this means is that for each page that's created, the creator can decide who can change it. This means that if you have a page that you want everyone to collaborate on, you can set it up that way. However, if you have a page that you've gotten just right and want to use as is, you can set it so that others aren't allowed to change it. This means the most flexibility in the long run.
You can also set up e-mail alerts through MOSS 2007 Wiki. There are several ways to set them up. You can have an alert sent to you when a page is created with a certain tag. When a page is updated, you can have an alert sent. This prevents wasted time constantly checking on pages of interest to see if they're updated. It will also tell you exactly what's been changed. Without this, many people waste time when they know a page has been changed but aren't sure exactly what's been changed.
With the changing business world, many offices are going paperless and many offices deal regularly with people hundreds or thousands of miles away. It's important to keep on top of business solutions that allow employees to interact effectively without having to sit right next to each other. MOSS 2007 Wiki is a great program within SharePoint that allows many people to work together, which can cut down on both time and money spent.