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GigaOm has the goods on a company that hopes to release the next generation of online word processors sometime in the second half of this year.

I’m really excited about this. I’ve used OpenOffice, I’ve used Google Docs (Writely), I used Lotus back in the day, but nothing beats good ol’ Microsoft Word for most projects. Yes, it has some annoyances but the functionality built into the program cannot be beat. It’s not terribly convenient for collaboration, but I’ve found the other products lacking in this feature as well. Google/Writely gives you access to your documents on the road, but it is still a stripped down word processor.

I am fully aware of the tendency for “revolutionary” software to become vaporware, but I am excited at the possibility of getting a fully functioning online word processor. It appears from the GigaOm article that the team behind Virtual Ubiquity includes veterans of the word processor wars in the 80s and 90s, so they know how to build a word processor.

They are also hoping to get a downloaded application available, but I have Word at home so I’m not too excited about that. I would rather it simply have Word compatibility so that I could work on it at home via Word and then on the road with a web browser. (Mobile access would be nice as well).

I have it on my radar and will certainly keep an eye on it. Google often responds well to a shot across the bow, so maybe they will add more functionality to Google Docs (or maybe they are already planning). Either way, it’s a win for the consumer.

See other reviews here and here.