This thread is pretty sad in my eyes. Gone are the days when neighbors go out of their way to help each other. We have a new rural subdivision about a mile away, between the 9 houses are over $200,000 in utility tractors and attachments. I've stopped by that subdivision, and commented on my sharing program with the neighbors in MY area. The shock in their eyes clearly indicates their thoughts on the subject.
I myself am shocked that people will gladly pay thousands of dollars (even TENS of thousands of dollars) to avoid developing a relationship with a neighbor.
I just did some rough calculations. We share a LOT with our neighbors. Even factoring in the one or two breakages, I'd easily say we have over $15,000 more in our savings account (and I'm only 34) because we chose to put trust in our fellow neighbors. As a result, we have access to (easily) over $100,000 in equipment. I was ready to buy several large purchases, but a Saturday evening grillout with all the neighbors saved me serious money each time.
The agreements are handshakes, and pretty simple. 1. Return it in same or better overall condition. 2. Understand that mechanical things break. If something breaks, call the owner, buy them a coffee, and sit and mutually agree on the best fix. Sometimes it means a trip to the dealer and new parts. Sometimes its a 'this thing was shot already, so don't worry about it'. The key is TALKING!!!
Granted, I live in Iowa, and I have seen the lack of good neighbor-ship in a lot of areas of our country. It still comes back to people that would rather spend $3500 for their 'OWN' attachment (that gets less than 10 hours a year of use) vs. a share program. I guess it is your money. I'm happy saving mine for early retirement!
BTW, we also have started communal buying. We have a Honda trailer style log-splitter, large chainsaw for the occasional burr oak job, tandem axle 10,000 lb trailer, pole saw, Yamaha four wheeler, 30' extension ladder, torch and welder, and plasma cutter. We've been doing this for four years. Communication is the key to doing this successfully, and there are no alternatives. I broke the pole saw, and had it repaired. Cost me $83. The pole saw cost $320 new, divided four ways. I see it that I'm saving $240 on the saw, and I've yet to need it and not have it available.
People need to: 1. be flexible, 2. be less materialistic. Stop worshipping everything you or your neighbor owns. They are just tools, and equipment.
I know I'm soapboxing, but the only reason tool and equipment sharing doesn't work is because PEOPLE make a decision in their mind to not support it. And just because your new neighbor doesn't have a ton of things to share back, it doesn't mean they can't participate.
Our new neighbors to the south don't own much yet, so they host regular grillouts, bring plenty of beer to the neighborhood get togethers, and always lend a hand. Their contributions have helped me finish off projects in record time, and kept me well watered... =) We feel great because we're helping them get a good start at life in the country, just like Iowans have been doing for the past 150 years!
AndyinIowa
BTW, I love going up to the 'keeping up with the Jones' subdivision and chatting about all the outdoor projects I've been working on. I get a lot of jealous eyes when I talk about clearing a new section with the Woods mower, or using the 60" tiller to reclaim a lawn area. You can just SEE the $$$ calculating in their eyes, and the sad look when they realize they can't go out and afford one themselves. Yet they won't consider borrowing, since they can't IMAGINE loaning one of their precious toys out.... PRICELESS!!
I don't think they're keeping up with me.... 
