When you say "good", how do you define that? If cheaper is good, its brilliant! It is free. If open source is good, it is good as it is open source.
I think I get what you mean though. Yeah I'd say its good but perhaps a little annoying to get used to if you are used to Office although with Office 2007 the whole interface has changed. Plus points for OO (Open Office) is that it can export to PDF which Office 2007 can (but requires a free download to be installed I believe,
http://en.wikipedia.org/wiki/Office_2007). OO also has the advantage of being available for Windows/Linux/Mac and is consistent in appearance over all platforms.
OO has implemented the OpenDocument format which Microsoft claim to support, but again you need to download stuff for this.
I remember looking at a website promoting the uptake of OO and mentioned a book that had been published to show that OO could do what Office users can do. The biggest problem for OO is persuading people that OO is as good/better as/than Office depending on opinions and contexts.
If you have an idealogical love/support for free/open source software then by all means give OO a tryout.
Check out
http://en.wikipedia.org/wiki/OpenDocument and
http://why.openoffice.org/ for other arguments about why you/people in general should at least seriously consider trialling/using OO.
Personally I use OO for PDFs since its free and I can pretty much achieve what I want more effectively than in Adobe Acrobat and with better results I find. I also have a Uni lecturer who is a Linux only guy and so we have to submit our work as either PDFs or in OpenOffice format.