Yes, most definitely. There are companies that do nothing but produce form documents (for a hefty fee) that could be eliminated.

But again, the caveat is that, depending on the circumstances, a good lawyer might need to significantly modify even his own well crafted standard document to protect his client. The benefit of a good lawyer is knowing when things need to be modified.

From clicking around, docracy allows you to make branches of the document, and also see what changes have been done. So I think it's meant to be a tool to bring version control available to software developers to finally be available to lawyers, organized in a way that's easy to organize and browse for the lawyer's clients.