Google Docs has a come a long way and while you may not have the exact same features as Microsoft Word, I have not missed MS Office one bit. Some places where some might have problems: Widows and orphans, formatting the header/footer, tables. In practice these have not been a show stopper for me. Creating even complex spreadsheets with advanced formulas is supported and I've done some really complex pro-formas with Google Sheets.
I've been using Google Hangouts to do some offshore collaborating and the Hangouts experience on the Chromebook is fantastic. Audio and video quality are very good and I have had no problems talking to people across the globe.
I recently attended the Amazon re:Invent in Las Vegas, and The Acer C720 came along for the ride. The battery life is fantastic and paired with my free Gogo inlight wifi coupon I got when I purchased the device I was able to work the entire 4 hour trip! I received 12 free coupons (value = $12). Not sure if that promo is still valid, but when you consider the free 100GB of storage I got as well, the C720 was practically free.
The light weight and long battery life make this device a must have business travel partner. The lost cost of the device alleviates the fear of loss factor.
I still love me some Chromebook!