Available today are two new export options within the Google Analytics interface. The previous standard has included: CSV, TSV, TSV for Excel and PDF. As of today joining these options are: Excel (xlsx) and Google Spreadsheets:

Audience Overview

These new options will now add a further level of data integration and flexibility within your chosen reporting solutions, although on initial inspection it appears the Excel export option offers very little new that was not previously achievable with TSV for Excel, the only obvious feature being a summary tab with data being split out into a separate tab:

Interestingly, formatting appears to be an issue (as can be seen in the screen shot); no ‘£’ values are assigned to monetary values; no date formatting is applied to dates; and no commas used as a thousand separator. This is in contrast to TSV for Excel which employs this formatting as standard.
For those out there that use Google Docs for Google Analytics data, the benefits of the Google Docs export are obvious. On selecting this option users are asked to confirm their data import before having a new Google Docs page open with the exported data all ready to go: