I hear it all the time "Google Docs doesn't do tables as well as MS Word", "Google Spreadsheets doesn't highlight the cells in an equation like Excel", and the list goes on and on and they are right. But.
They didn't weigh the ROI on collaboration when they started complaining about functionality. It is pretty rare that we work alone these days. We leverage teams and the diversity that they bring to make the result greater than the sum of the parts. An online shared doc is an instant collaboration machine with no version control or collation nightmare and no waiting for someone to finish before the next person jumps in. It leverages the crowd.
Look beyond the features that are lacking and calculate the ROI on collaboration before you forgo cloud based documents, spreadsheets and presentations.