This is a pure web application word processor without any storage behind it like Writely (when you open a document you upload it and when you save it you download it) but it seems very well written.
The only thing that bothers me is that they claim they support all major file formats but what they actually support is MS Word, RTF, Text and PDF.
It’s annoying. Really.
Anyhow, while this is very cool, I think it could be a good addition to Bubbles.