Collaboration- "the act of working together to achieve or realize a goal."
Typically, the collaborative artwork I have been part of has resulted in an actual product. Although, a finished piece doesn't always have to be the outcome; collaboration can purely be an exploration of techniques with two or more creative minds.
My experience has been that collaborating can range from an orchestrated effort, to free-form or even avant-garde style exploration. The orchestrated collaboration, where one person takes the lead or expresses vision and seeks others to assist in the realization of this vision usually results in a cohesive piece much like a musical group led by a conductor. The avant-garde style typically centers around exploring riffs on ideas, where each member adds their voice to a collective piece, with multiple perspectives expressed within a work of artistic collage.
Every collaboration I have engaged in has energized me with new ideas and fresh perspectives. The biggest benefit to a collaboration with others who are confident in their creative skills and open to the excitement that comes with exploring is the sharing of passion and enthusiasm for pushing boundaries and venturing into the unknown!