Thank you MaximusBird! I believe that you too have decided that the current standard to which one wishes to hold Google Docs is that it should be good enough to produce a preprint of a scientific paper. That is my perspective anyway. Google Docs doesn't have anywhere near the formatting capability to produce camera-ready manuscript according to any Journal's standards, but if we can get a decent preprint out of it then that serves a need. The collaboration facilities and cloud storage have their own added value depending on circumstances.
If Google Docs alone should suffice to produce the preprint then one big glaring hole needs to be fixed before anything else: we need to have a faithful export to pdf. At present we don't have that, and the treatment of equations is the worst problem. The equations font after conversion to pdf is too large, it is fuzzy (it is some bitmap image, I believe), and vertical alignment is wrong. It is not acceptable. Some other formatting gets messed up too and it really should not be that way. PDF is the universal common denominator. We don't expect to convert faithfully any word-processor format to any other, but we do expect to be able to convert faithfully to pdf.
If one persists with Google Docs for the preprint even though it isn't good enough for the final printed copy (of the preprint, never mind the camera-ready copy for the Journal) then one will need to do final editing and conversion to pdf in some other system, and in practice it will most likely be Word (or maybe some Open variant). But then we really want a good conversion from Google Docs to Word. We'll accept some loss of information (more than we would like to accept for output to pdf), but we don't want to see gratuitous loss of information. But the conversion of Google Docs to Word is much worse than it should be. Just in text mode all subscripts and superscripts are lost. Equations become uneditable bitmaps.
I think we have a target there for Google Docs independent of its shared editing and cloud capabilities. Improve the underlying editor and associated tools to the point where Google Docs is genuinely attractive for the purpose of producing a preprint of a scientific paper.
I wrote about this in  as well. Separately I note (and noted previously) a different target for the underlying editor of Google Docs: Make it attractive enough for producing a poster for presentation at a scientific meeting. That likewise requires the equations issues to be addressed, and it also requires larger paper sizes. One would want to prepare the poster on something in the vicinity of A2 size paper using standard fonts and then scale it up at the printing stage (outside Google Docs) to A0.