You're pretty much right.
The only saving grace is you can use Office.com on them, and still get a more functional set of programs than what Google Docs offers.
It's troubling that these are the things that are starting to dominate schools. You want a kid to function in the real world someday... and the real world is dominated by Windows, Office, and a host of actual programs. Not websites. There's cloud solutions in each space, but they don't hold a candle to the full fledged programs. SAP and Oracle don't need to worry much about WorkDay and Wall Street Systems (and the guys that made Oracle make Workday)... they simply aren't as capable. We should want to provide our children with a knowledge base that provides the broadest foundation for the future... instead we're giving them an incredibly narrow one, because people are cheap.