The answer is yes, if Memeo has its way. TechCrunch reports that Memeo Connect will allow users of Google Docs to save a local copy of their recent documents, complete with formatting.
The application is not yet available in the store, and has not been approved by Apple, but it is likely to see daylight as it is made by a third party instead of Google. Though Connect would only function as a reader (no editing will be available) this still proves to be a wonderfully useful application for offline viewing.
Formatting is preserved by saving the local file in HTML and all documents are organized in the Connect software. This would prove to be an invaluable tool for using your iPad to view documents when no wireless or 3G signal is available.
It is worthy to mention that iPad users will of course be able to access their Google Docs through the website. However, saving a local copy when no editor or viewer is available would prove to be fruitless.