Bullsh. He's talking about basic text formatting options that are buggy or in some cases, broken. He's dead right about that. Issues abound in Gmail, too... like how signature text and body text are treated differently when composing an email, and often that can bug out and leave you unable to edit the body text because GMail things it's all one big signature. Dumb.
Mind you, similar criticism can be applied to Word, too, it's less buggy than GDocs, but still has problems. Adding a page break then wondering why your new Heading 1 line is also changing the spacing on the previous page... or why you can't seem to move beyond the end of a table at the end of your document to start a new line. Stuff like that.
GDocs has some way to go in terms of usability, even for basic corporate documentation.