A Web Word Processor?

I had no idea that there was a Web Word Processor, let alone that it's another small website that Google has bought up in its quest to...well, I have yet to figure out what their quest is, other than to try and get us to do everything our computers do on the interwebs.

I can see where it might be a good idea for some people, but I know that I wouldn't want my word processing files stored on the web, simply because I like having them on my hard drive (and backup CDs and jump drive) so that I don't have to depend on the internet to do my writing.

I am slowly turning into a dinosaur in the web world, though, since Microsoft is moving toward web-based applications for things like word processing and the like.