I guess not..here are some important notes about new offline capability (source: Google Docs help)
- You'll need to Set up Docs offline from your Documents List to start accessing your documents and spreadsheets without an Internet connection.
- Offline access is available in Chrome only. (Oops!)
- Offline access is available only for documents and spreadsheets. Presentations, drawings and other items from your Documents List are not available offline at this time.
- (humm..okay..it's in Beta anyway)
- Documents and spreadsheets are only available in view-only mode. You must restore your Internet connection to make any edits. (??!@#? - useless..I stopped reading next two points)
- You can't create new documents and spreadsheets while you're offline.
- You'll need to allow offline access separately on each computer where you want to view your Google Docs offline.
I wish Evernote comes up with a spreadsheet application. Till then, I will stick to the 'online' google docs..