I just downloaded OO 3.0 a couple of days ago. It will read docx and I think the other MS Orifice 2007 ---x formats. I haven't tried to write in the ---x formats and didn't see away to do it.
Reading them is all I need. Anyone with Orifice 2007 can read the pre- 2007 .doc etc formats.
I haven't given it much use yet so can't tell you much more.
It's free at OpenOffice.org and easy to install, so it's worth a try. I like OpenOffice but it's not 100% MS compatible. Pretty good, but not perfect.
If you aren't getting fancy, you could just load it and go to work using your MS experience. It works lot like MS Office.