However harsh I may appear by time, let me be clear: this is the most powerful web editor I know. I am very demanding (I am a certified Word specialist as well as a typography connoisseur) and well aware of Google Docs’s shortcoming, but still I am very impressed. There is still room to grow, but most people won't even use half of present-day features.
I won't do the same for Spreadsheet, as I don't know it well enough.
- Limited formatting: non-customisable style, frustratingly basic templating, bold/italic/underline, strike-through, superscript and subscript, left/right/center/justify, nested listing (now with hybrid ordered/unordered), line-height (limited), paragraph spacing (limited)
- Webfonts (limited choice, no advanced typography settings like swashes, alternate letters or ligatures; Word or Textedit lovers, be on your way.
- Insert link, anchor, drawing, image, footnote, special characters (impressive), horizontal line (buggy with table of contents, though), visible page break, table of contents (awkwardly customisable), header, footnotes
- Search/replace (limited: the only option is case-sensitiveness—way below Word)
- Table (up to 20×20 cells quick creation, unlimited after)
- Native printing. Nor more PDF in-between. Ctr+PCmd+P supported (which means you cannot print the HTML page of the Google Docs—you can only print the doc itself, but I don't see any use for this anyway)
- Visible pagination (can print pages numbers too)
- A4, Executive,…
- Laandscape or portrait
- Background color (won’t be printed, though)
- Import: Word (ODF too?), picture (OCR), unconverted Word (with a previewer; not that faithful)
- Export: ODT, PDF, RTF, text, Word, HTML
- Language selection (for spellchecking and translation)
- Translate document
- Personal dictionary
- Customisable character replacement ((c) => ©)
- Live commenting (impressive) with mail alerts and @mentions
- Real-time collaboration
- Advanced access control
- Freefloating pictures
- Equation (not calculation; just writing; LaTeX alternative, MathML?)
- Completely full screen possible (browser full screen + hide ruler + two time hide command + hide warning bar). WriteRoom beware!
- Statistics (word counting, signs counting)
- Still no offline browsing :(