Today, Google quietly rolled out a new feature for their Google Docs Applications: Templates! It's so new that it isn't even listed on the new features page at this time. When one opens their Google Docs account and chooses to start a new document, a new "From Template..." command is present. Clicking on it reveals a quite extensive list of templates available for use: Calendars, Budgets, Business Cards, Letterheads, Scrapbook Albums, and Credit Card Payoff Calculators abound in this list of 308 templates, which is a much more comprehensive list than Zoho offers. The quality of these templates appears to be quiet good as well.
Unfortunately, I can find no way to create and save a document as a template. It appears to be a use-only feature at this time.