Compare with Google Docs
Rich feature set
Live Documents is feature-rich AND collaborative
Live Documents offers lightweight applications that load in your browsers in a jiffy. Yet it offers advanced functionality not normally associated with web-based Office applications like Google Docs. For instance, slide transitions and animations in presentations; pivot table, conditional formatting, macros and data validation in spreadsheets and named styles, auto-shapes, multiple columns, right-to-left text direction and page setup options in word processing documents.
Beyond personal productivity aspects, Live Documents offers better collaborative capabilities than Google Docs too. See comparison of collaboration features here.