Book Drum is a rapidly expanding site with detailed annotations and analysis of popular books and classic literature. They are currently running a Tournament in which individuals or groups can select a book and write about it in the format of the site. For editing purposes, the site works like a wiki, which means that a teacher could sign up for a book and have her students do all of the writing and analysis.
The book profiles have almost page by page annotations (called bookmarks) with links to media support files. Summaries, setting, and about the author pages are also included. Profiles are not published until they are complete, so what you see at the website is the final product. Books that are in process are hidden from public view, available only with a login.
The amount of work in a book profile seems to be astronomical. But if I taught honors or AP English and wanted to take a very in-depth look at a particular work, I might have my students create one.