Testing Writely

I've started playing around with Writely, Google's latest beta product. Writely is a web-based word processing tool, which can save your files in Word, OpenOffice, rich text, PDF, or HTML. It also has the capability to post to different blog platforms, and allows for collaboration between different authors.
It seems like a pretty cool toy, but I don't think it's quite ready for prime time yet. Knowing Google, it'll get there pretty quickly.