Recently there were also some rumors, that Google will now add also a presentation service like MS PowerPoint to Google Docs. There were already some indications of the existence of a not yet published Google Service called Google Presently, however it was never launched. Google then bought several companies (i.e. http://www.tonicsystems.com/) to accelerate the development, which shows that they are somehow getting impatient and rely much more on external resources.
On 17. April Google then announced on their official blog, this summer as the due date for the release of the presentation service.
The goal of such a service is not the one of competing with Microsoft products like MS Office, since Google's service will never cover such an amount of features, but to give the advantage of sharing with others.
In the following video, Google CEO Eric Schmidt talks about the new presentation service, about the situation with Microsoft, about the DoubleClick deal etc...