Microsoft Develops Workstreaming

Although that's not the term they use:

The system is said to resemble Facebook, but with a slightly less entertaining intention. Its goal is to let employees stay up-to-date with industry news as well as their own colleagues’ work and progress. It even has a feature that can let you see when someone has created or updated a document — something that may give bosses an added way to monitor progress.

But also a way for loose teams to collaboratively check status, something that is currently done using IM, Twitter, project blogs, RescueTime, and various other services in different work contexts.
Microsoft Develops Corporate Social Networking Tool

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