Google Docs: one-year review

About a year ago, my institution made the campus-wide transition to Google electronic mail. Concurrently, Google’s suite of office applications known as Google Docs also became available, as it comes essentially integrated with electronic mail. It includes word processor, spreadsheet, presentation software, among other things. I started using the word processor and spreadsheet right away; in recent times I have experimented with the presentation software as well. A fundamental component thereof is the remote hard drive (Google Drive), which allows for permanent file storage.
So, what’s the verdict ? Is this thing any good ? Would I recommend its use ?