Agreed. Etherpad is sending a new POST request pretty much every keypress. Considering the HTTP headers and cookies, that's around 500-1k of data per letter typed. At google docs volume that would be a lot.
(Total data sent when I press 'j' was 1073 bytes of HTTP headers, and 123 bytes of program data).
The other reason may be that whilst it looks really cool to see each other typing, is it really needed?
Does look quite slick though :)