I had a better experience using Microsoft Office Web Apps, Google Docs, and InfoWorld's Drupal-based content management system. These Web apps work pretty much the same in Chrome OS as they do in a Windows or Mac browser, which is to say good enough for basic editing and formatting. (Mobile browsers don't support them, unfortunately.) You can't track revisions in either Office Web Apps or Google Docs, so they may not be sufficient for many business workflows. And Chrome OS doesn't support their drag-and-drop text editing, but they are fine for basic document work.
I witnessed some odd behavior in Drupal: In Chrome OS, Drupal would sometimes apply unwanted span tags to my text when I deleted paragraph breaks, which never happens in my Mac or PC browsers. The cursor also tended to jump around the screen randomly, whether I used an external mouse or the prototype Chromebook's quirky trackpad. I didn't experience these issues in Office Web Apps or Google Docs, though.
I also lodged a productivity issue with Office Web Apps and Google Docs: Getting files to and from them is a pain. To open a file attachment for editing requires first downloading it to that Downloads area, then uploading it into the editing app. Emailing it to someone requires a similar chain of steps. That's an issue in both Chrome OS and in these particular services. Chrome OS doesn't facilitate interapplication communication, and these apps assume you use only them.
Plus, copying and pasting text across apps results in formatting being partially or fully removed; in some cases, lots of unnecessary HTML formatting is added (such as span and o tags, a frequent problem with HTML exports in Microsoft Office). This issue is common even in the desktop Web, where the open source MCE and other rich text facilities assume that text comes from Microsoft Office only and can't properly handle other sources. Without a local version of Office to use as a waystation, Chrome OS suffers severely from this transportability flaw.
Right now, all these apps require ongoing Internet access. Google says it is revamping Google Docs to support HTML5's offline storage mechanism, so you can work on documents when not connected via Wi-Fi or Verizon 3G service (the only connectivity options). Support for offline storage will be critical for Chrome OS' success. Without it, a bad Internet connection can cause you to lose your data, as changes you make go poof when you try to save them or upload them to the cloud server the app uses. This dependency on live Internet connectivity is one aspect of Chrome OS that makes me very nervous.