Announced today that Google docs now supports customisation of style sheets. This change opens up the templating and styling options that have always been available in word, but does so obviously in an easy to collaborate, available anywhere, in the clouds way.
See some examples over here. I have to say that the differences between the traditional office productivity offerings, and the on-demand ones, are narrowing rapidly (especially in the case of text editing). For all but the highest level users, the on-demand solutions should now fulfil all their requirements.