Not yet.. but almost..
Google has finally revealed the new avatar of Writely, It is now Google Docs. With this, Google now has online spread sheet and word processing. Agreed these online tools does not have everything Microsoft Excel and Word has but is it all necessary? Majority of the MS Office users don't use the fancy bells and whistles anyway.
It is completely possible that, we would only need a browser enabled device and a solid broadband connectivity in the not too distant future for all of our information needs. What's say you?