Pros:
Free. Deep collaboration features. Automatic file saving with easy access to earlier versions. Nifty form-creating application. Exports and imports most standard formats.
Cons
Export/import unreliable with heavily-formatted documents and graphics. Feature depth can't match desktop suites. Painfully slow editing with multiple Docs tabs open.
Bottom Line
Google Docs is good enough for uncomplicated documents and worksheets, especially when a group of people need to make changes in a document, but not so much for serious work. It also has the built-in security and reliability risks of all cloud-based services.
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