Not trying to re-state the obvious, but it still sucks. I tried it a few months ago and it sucked. I tried it again just now, thinking they'd have had time to fix a few thousands bugs, and they did, but that's still a few thousand bugs short.
This 'product' - and that's really a stretch to call it that - still sucks. Like, really sucks. I can't even get to the point where we can talk about a Word vs. GoogleDocsSucks comparison - that'd be like a fight between with a broadsword-armed Jet Li and a hot fudge sundae.
Let me mention just one bug for posterity's sake - once you use the 'center' formatting option, it'll never go away, ever, no matter how hard you try, no matter how many times you delete the formatted text and areas, no matter anything. Just stop. Don't do battle with Google Docs & Spreadsheets. It's like when you drown - you'll only sink quicker if you fight it.