The Forbes technology section, has a study titled "The Best Web-Based Computer Applications For Small Business". Zoho Writer was awarded as being the best app in the Word Processors category & Zoho Sheet came a close runner-up in the Spreadsheets category. Some excerpts from the article :
Zoho Writer is in some ways superior to Microsoft Word, because it automatically creates an HTML version of your document on the fly and handles images better.
Zoho Sheet is a close runner-up to Google Spreadsheets, and in fact, it bests the Google app in several ways. It lets you create charts, for example, and you can export to a wider range of formats, including Excel, OpenOffice, CSV, HTML and PDF.
Zoho Writer can export files to many formats, including Word DOC files, Rich Text Format (RTF), text files, PDF, HTML, the Open Office SXW extension and OpenDocument's ODT format.
As for collaboration, it's got what you need. It's simple to invite others to view or get read/write access to a document. Bloggers will appreciate its ability to link directly into accounts for Blogger, LiveJournal, WordPress and TypePad, and to upload your current document as a post.
Thanks to Forbes & congrats to the other winners and contestants.
ps: The above Forbes study also appeared in TechWeb/CRN here.