Buzzword IS an online word processor. Built on the Adobe Flash platform, it allows you to share, comment on and save word processing documents using only a web browser. Great for collaboration with others that might not have the Office Suite or may be travelling without their computer. Buzzword is currently in preview version and free to use.

The Buzzword team is actively working on features, such as PDF export, track changes, named styles, etc.

Check it out at: http://www.buzzword.com