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If you haven't already, make a dropbox account. Best way to share files.
I used to have a project where my partner and I both had Reason, which is probably the best way of sharing files. If you're not having the same host / plug-ins, audio files are the only real way.
What I tried lately was sharing the same plug-ins too, mostly freeware with someone else, running a project together. This didn't worked out that well because everyone got his favourites and go-to plug-ins your rely on, so we ended up with audio again.
At some point, someone has to do the final mix and sometimes this is the hardest part, dealing with the compromises which elements should be in the final version and which not. However I think that on some point, both will agree on the elements chosen and be fine with the outcome. If not, you either not there yet or you're working with the wrong person.
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