The small print under the headline reads; It's no Excel killer, but Google's online spreadsheet will surprise you with what it can do.
This is a 4 page report in some detail about using Google's online spreadsheet and it's worth it. If ever you thought Google was just playing at delivering some office application functionality online in order to deliver ads, this will change your mind. Yes, it is not capable of everything Excel can do. So what? It is a serious application. You may need more power than it provides at times, but for most of what we use spreadsheets for, this is good enough.
More and more we hear that the rivalry between Google and Microsoft will hinge on file formats and other esoteric criteria. Now, here is a fully-fledged application injected into the mix. Things are definitely going to get interesting.