Mind you, merging LyX contents via a VCS is not easy... What I've been doing so far with my colleagues is to pass around a "your turn" e-mail, then we each make our edits in turn with change tracking, and one of us (or the next one to get a turn) merges edits.
It'd be nice to have a LyX diff/merge feature. (We've had a thread about this.) Nico --