Google docs spreadsheet app is going mainstream with each passing day. Recently they have introduced split() formula to divide text in to multiple cells using a user specified delimiter.
The syntax for this function is
=split(text value, delimeter), for eg.
=split("pointy haired dilbert", " ") would result in 3 individual cells with “pointy”, “haired” and “dilbert” as values. Learn more.
This is a very good replacement for excel import text functionality using which you can paste large text files in to excel sheet.