From the WSJ:
Google Inc. plans on Tuesday to release a Web-based spreadsheet application, according to people familiar with the matter.
Google Spreadsheet, which will be made available on a limited test basis, follows Google’s March purchase of a company offering a Web-based word processor called Writely.
The two Google Web-based applications represent possible challenges to Microsoft Corp.’s core personal-computer software business. Microsoft’s Word and Excel dominate the word processing and spreadsheet markets.
Update: Gary points out that there is another player out there already in this market, Zoho Sheet. I have to say, this is simply the other shoe dropping (and there are more coming). As a Mac guy, who just bought a Intel Mac, I’m wondering if I ever have to buy Office again. I already use Apple Mail….