The rush to the cloud is on big time if only in that it is the buzz word of the day in tech circles.
No one is really there yet. Google who should be the leader is lost in that their google Aps are simply not that good. I have tried to use them for collaborative projects but they simply are a pain to use.
The word processor is fail but anything other than the basics don’t work or aren’t there.
The online part of iwork seems the best in terms of features and interface.