There's no point pretending that OpenOffice/LibreOffice is as good as MS Office - it isn't - but for 98.347% of users it will be "good enough", which is the important thing.
The only snag is when you have to exchange files with MS Office users on a regular basis - compatability is sometimes less-than-perfect, although simple documents without fancy formatting should usually be OK.
There some excellent offers for proper Office 2010 as well if you know where to look.
If you are a student you can get full Office Professional Plus 2010 for ~£40 from various MS software resellers, some specialising in software for students.
Office 2010 Home and Student 3 user pack is on the rainforest place for ~£80
If you work for a company with a Microsoft Enterprise Agreement you are almost certainly allowed a personal copy of Office 2010 under the home use program for about £10.
Plenty of ways to get the legit MS Office for a reasonable price these days and frankly I don't see the point fiddling around with the dead end that is Libre Office settling for "almost but not quite" unless you really are on the most shoestring of budgets.
I ran Open Office on my netbook, and Office 2003 on my desktop for a year, and had no problems with compatability when moving files between them. Got Office 2010 on both now though.
I cant remeber where I read it now, but since Libre Office launched, the developers working on Libre office have done far more work than the work which has been done on Open Office.
I used OpenOffice for 12 months of my degree, just as an experiment, and it was fine. Microsoft Office is better though, and at the end of the day I thought the difference was worth paying for so I went back to using MS Office.
I would call myself a power user, so i use MS Office - i simply cannot get on with Libre/Open office, there are too many things which become difficult or impossible to do.
However, any none-power users of an office suite will be happy with Libre/Open Office - suitable for writing letters and so on.
I used to use OpenOffice but it always felt very heavy. Has that been sorted in the newer LibreOffice? I heard there is an Android version coming, wonder how they will strip out the fat. Hope they succeed though, always good to have a free alternative.
At work I have installed Open Office on all our sites as it is good to have a free functional office suite. I will try out Libre Office though and see what that looks and feels like...
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