I think those are what is preventing SM teams from adopting this entirely - maybe I am wrong about that. If anyone has done a show 100% on cloud-based docs, please speak up.
I've done multiple shows solely* on Google Drive! I find it infinitely more useful than Dropbox because of the ability for everyone to be in the same document at the same time (I love to have a chat window open with my ASMs during rehearsal for 'Oh, go grab thing X' requests during quiet moments).
I actually find that Drive reduces
formatting issues--I'm on a PC using LibreOffice and other members of my team are using Mac Office, older versions of Office, etc. For paperwork not done on Drive, sometimes the fonts don't match, or different programs process things slightly differently, and so you'll download someone else's paperwork and have to spend ten minutes reformatting before you can even read it.
*=My one major gripe with Google Drive is that it doesn't allow headers and footers on spreadsheets. I do my run sheets, prop checklists, preshow checklists, etc all on spreadsheets, and I really want that running footer (theatre name, show name, SM name, paperwork updated date), so I usually download the file, open it in LibreOffice to put the header and footer on, and print from there. It's a pain, but it's less of a pain than having to email new versions of paperwork all the time and/or wrangle the versions headache that is Dropbox.
One more use for it: at my current theatre, other SMs often have to cover rehearsals for shows that aren't their own, due to scheduling challenges that come with working in repertory. I've made a rehearsal scene breakdown on Google Drive that has the pages, songs, actors/characters, etc for each scene, but also the scenery/props setup at the top of the scene, costume pieces needed, prop locations, and run sheet items. Of course this doc is shared with SMs who are working on the show, but it's also very easy to email a comment-only link to whoever is covering rehearsal.