Among the applications Google has integrated into their web based Office suite, a presentation application may be the most valuable:

Google buys PowerPoint editor

Tonic's TonicPoint tools allow you to open a PowerPoint presentation with your web browser, edit it, add new slides to it, extract text and images from it, and save the edited version in various formats. What makes TonicPoint particularly interesting, in the context of Google's ambitions, is that you don't have to have a copy of PowerPoint installed on your PC to open and edit a PowerPoint file with the tools. You only need the file. You can, effectively, work in a Microsoft app without buying the Microsoft app.

I say this because PowerPoint, among all Office applications, is likely used in a collaborative development environment more than any other office application. Why not push that development out to the web where multiple decision makers can shape the presentation while a graphics guru improves the slides by swapping out boring bulleted lists for illustrative graphics?

That has the potential to make the application more powerful than the web based version. I think I'd be willing to give up the Scooby Doo slide transition effect for that.