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Using the same source files should not be an issue, other than possibly the delay in Importing from the server. Since PrPro is a non-destructive editor, the source files are not touched, other than info is read from them. The same files should be able to be used in many separate Projects.
Now, when one goes to Export, the data is again read from those source files, and the program acts on that data, based on the instructions written to the Project file, the PRPROJ. One then produces a new file, from that processed data, but again, the original files are not changed in any way, so they will remain unchanged for all Projects using them.
I could imagine that an issue might arise, if more than one user was Exporting at the same time, due to read issues, when accessing the data in those source files. Might not be the issue that I imagine, so wait for some other to speak from experience, as my thoughts are just theory.
I cannot think of any way to have real-time interactivity with the Projects, across many computers. If the server appears as the same exact drive letter in each computer, one could Copy over the PRPROJ files, from one computer to another, and most should work fine - but you won't be able to have more than one user actually working on the Project at one time. You could have them working on Copies, but any work done would be to only one Copy, and it would not update the other one.
Now, that is theory, and how things actually work for you might be different. I have edited from source files on a gigabit NAS, and found the Import to be horribly slow. Also, the reads from those files, as I worked, were very slow too. Maybe with an optical, or other, LAN, things would be peppier? I gave up even trying, and now just Copy the Assets to a local internal (or FW-800 external) HDD.
Good luck, and wait for a few more responses, as they may shoot my theories full of holes, or provide much better workflows.
On a basic level, this should work. Editors running Premiere Pro on separate systems can import the same shared media from the network, even across Mac and Win. When the media is imported in Premiere Pro, the first editor to import the clip has write access to that clip, so they wouldn't be restricted from changing the clip, such as overwriting it, changing the timecode, metadata, etc. However, any editor that imports the clip while it has already in use on another system will not have write access, only read access.
In the Preferences > Media, there is an option to "Save Media Cache files next to originals when possible". For best performance, this option is better left off, so that conformed audio will be generated on the editor's system. However, if you want to avoid audio conforming on each system, and just want to do it once, and you don't mind the performance hit, you may try turning that option on.
In my limited testing, it seems that CS4 (4.2.1), on Win only, has a problem with saving projects to network attached storage - Save As works the first time, but thereafter both Save and Save As seem to fail with a file permissions error. In CS5, this is not a problem. The other issue is that Premiere Pro doesn't restrict write access for the project when it is open, so if the project is opened on two systems, there can be contention. If an editor wanted to peek at the current state of the project being edited by another editor, it would be safer to import the project into another one, so that there is no danger of modifying it.
There are a few collaborative editing products out there that advertise support for Premiere Pro:
Hope this helps,