If you want the best to two worlds: the power and features of Microsoft Office and the collaboration tools of Google Docs, then bind them together with OffiSync.

OffiSync Supercharges Microsoft Office, enabling users to significantly improve the way they create, collaborate and share their documents by integrating Microsoft Office with Google Docs, and Google Apps.

Installing OffiSync adds a new toolbar to any version of Microsoft Office, letting users easily import web content such as images and templates right from within MS Office, collaborate with others in real time, letting users see each other’s edits as they work with Office files and share their final documents with others inside or outside the firewall.

I can really see this type of tool being useful for collaboration projects between several individuals that do not necessarily have a centralized document sharing vehicle (i.e. Sharepoint). Since Microsoft Office 2007 really stepped it up with their stylesheet based document editing, it is very easy to format documents and you can easily edit and share them via Google Docs with OffiSync.