Something comparable to the basics of MS Office are essential. Google Docs is probably sufficient, though I think it will begin to fall apart with spreadsheets larger than 10K rows. This is a pretty common occurrence in my work. Pivot Tables are also essential so need to evaluate those in Google Docs. Also need to experiment with presentations in Google Docs.
Screen Capture and AnnotationI use SnagIt every day on the Windows PC. Screencasts are becoming more important too.
ZipIncluding ability to unzip RAR files.
Audio/Video EditingThese have been necessary with my volunteer work, not my day job. Would presumably delegate those to more expert resources.
Project ManagementIn the process of evaluating MS project on the web. Daptiv was another example used at a previous position. Issue tracking systems offer some of these features.
Any other tools are web-based these days including issue tracking, Wikis, version control, to do list, etc.
Chrome Releases Blog
More to come I expect....