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Google Spreadsheets Launch Today

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Google introduced a spreadsheet application today. It's available on a limited, first-come, first-serve basis by signing up here. Early reports tout its collaborative and portability features. Multiple users can revise the spreadsheet using a chat function and since the spreadsheets are stored on Google servers, they can be accessed from anywhere by any authorized users.
Henry Blodget suspects that Google's apparent drive to compete with Microsoft's Office is a bad idea. Dan Dodge doesn't think Google's word-processing or spreadsheet applications even come close to being competitive with Microsoft's products.
DealBreaker's take? We're waiting for Google to accept our bid to sign up for the new product.