Collaborative videos - what's your process?

[Reigna]

I'd go with option #1. When Aerialesque and I collabed on Ayumix 2, we were pretty much on skype the entire time and would send betas back and forth of every part. We also split the track into, well, layers I guess you could call them. Like she'd edit the footage and I'd do the effects or vice versa, and that way we had both worked on almost every frame of the track. Seemed to work pretty well for us, though collabing would probably be easier now since we're roommates. :O

[FoxJones]

Only time I made a collaborative AMV (with Partsa) we really were editing in turns in the same room with one PC and surprisingly didn't end up on each other's throats.
..and actually won a competition later that year with the video.