Emerging collaborative Peer-to-Peer (P2P) systems require discovery and utilization of diverse, multiattribute, distributed, and dynamic groups of resources to achieve greater tasks beyond conventional file and processor cycle sharing. Collaborations involving application specific resources and dynamic quality of service goals are stressing current P2P architectures. Salient features and desirable characteristics of collaborative P2P systems are highlighted. Resource advertising, selecting, matching, and binding, the critical phases in these systems, and their associated challenges are reviewed using examples from distributed collaborative adaptive sensing systems, cloud computing, and mobile social networks. State-of-the-art resource discovery/aggregation solutions are compared with respect to their architecture, lookup overhead, load balancing, etc., to determine their ability to meet the goals and challenges of each critical phase. Incentives, trust, privacy, and security issues are also discussed, as they will ultimately determine the success of a collaborative P2P system. Open issues and research opportunities that are essential to achieve the true potential of collaborative P2P systems are discussed. The final publication is available at www.springerlink.com computing [6], based on underutilized computing resources in homes or businesses for example, targets issues such as centralized data, privacy, proprietary applications, and cascading failures in modern clouds. Certain applications also benefit from a mixture of dedicated and voluntary cloud resources [7][8]. A collaborative P2P system is the core of such a multi-site or community-cloud system that interconnects dedicated/voluntary resources while dealing with rapid scalability and resource fluctuations. We refer to such systems as P2P clouds. Third application, Global Environment for Network Innovations (GENI) [9], is a collaborative and exploratory platform for discoveries and innovation. GENI allows users to aggregate diverse resources (e.g., processing, networks, sensors, actuators, and software) from multiple administrative domains for a common task. A collaborative P2P system is a natural fit for GENI because of its distributed, dynamic, heterogeneous, and collaborative nature. Fourth, the value of social networks can be enhanced by allowing users to share diverse resources available in their mobile devices [2]. For example, a person with a basic mobile phone could connect to a friend's smart phone with GPS capability to locate a nearby ATM. In another example, a group sharing their holiday experiences in a coffee shop could use one member's projection phone to show pictures from others' mobiles/tablets or stream videos from their home servers. Moreover, in large social gatherings such as carnivals, sports events, or political rallies, users' mobile devices can be used to share hot deals, comments, videos, or vote for a certain resolution without relying on a network infrastructure. Such applications are already emerging under the domain of opport...