Google Docs allows for creating and sharing documents, spreadsheets, and presentations online in a web browser. Key features of Google Spreadsheets include importing and exporting data in common formats, intuitive editing tools like formatting and formulas, and real-time collaboration. Some limitations are the file size limit of 1MB for imports, the maximum number of spreadsheets and cells per file, and the inability to work offline. Overall it provides many useful tools for creating and sharing spreadsheets online with collaboration features.