In our biology dept., we have already started using Google Docs as a place to have students work together in create and collaborating on lab writeups and assignments. I can definitely see some great value in using this tool. Teachers must be careful however of students copying other students work, and files in the GDocs account are accessible to anyone. Students can access another students work and claim it for themselves, or revise one's work for their own without really having to do a thing.
The forms tool also looks promising. There are a number of tools which i have not even seen, and am sure they could also have some good application purposes in the classroom.
The worry I have in my academic classes is how many of my students lack the financial means to access this technology. I know that there libraries, and our iPads now, but what about when they get home? Technology assignments expected to be accomplished at home is going to be a big challenge going forward, and it will only become more so in the future. The divide between the haves and have-nots.