Remember Google Wave? One of Wave’s most useful and impressive features is collaborative live editing: Google Docs lets you co-edit documents in real time. You can discuss with colleagues on the sidebar chat, while you add comments and see what others are typing on your shared documents. Real-time editing and chat in documents and spreadsheets will improve productivity in the enterprise.

Collaboration, performance and chat are not the only improvements in this Google Docs upgrade: Document formatting, margins, tab stops and image layouts have greatly improved on the document editor.

The spreadsheet editor is faster and thanks to the new formula bar for cell editing, drag and drop columns and auto-complete, can be compared to its offline counterparts.

The new drawing editor could become a useful tool to create flow charts, diagrams and schematics.

Watch the new Google Docs features in action in the video below.

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