Paper only offers one font to write in with three sizes. You can do bold, strikethrough, and list formatting.
There are keyboard shortcuts for your formatting options that will be familiar if you’ve used the Markdown writing syntax before.
To its credit, Google Docs is much more full-featured in the formatting department, so Paper has some catching up to do if it wants to be on par with the competition.
Like Google Docs, you can invite other people to edit a document at the same time. Each person has a different color cursor, and their edits are recorded in the margins.
If you’ve given someone permission to edit your document, they can also add to-do lists and @ mention people directly.
Anything you have stored on Dropbox can be added to a Paper document with a handy preview. Google Docs and Drive are both supported as well.
The beta we tried only supported images, but eventually Paper will let you quickly add any files in your Dropbox to a document. Files stored in Google Docs and Google Drive (a Dropbox competitor), will also be supported.
Paper’s biggest pro is its interface, which is simple and easy to create in.
Dropbox is still developing the app while it's being tested by people who have signed up for the private beta, and an official release date has yet to be announced. A mobile app is also in the works.