If anyone else is curious, the Wave protocol is also open source, as is Google Mobwrite (which uses differential synchronization instead of operational transformations (which is what Wave and I think Etherpad uses)).
My "drawings" are represented by text (JSON), and if normal text merging methods will work, I might want to use differential synchronization (seems easier). But I wish there was something proving that it won't mess up the integrity of my structured data.