It is good. I use the "Word" and "XL" equivalents, and in fact have found loads of good features. For example, you can .pdf Word documents, which looks very professional.
You will have to remember to save docs as .doc not as open office document (.odp, I think).
You can get a viewer for the newer MS Office files, but can't change their spreadsheets and docs, so your colleagues/whoever, will have to change the file extension from .docx and .xlsx to .doc and .xl
Hope this is a good start. You could try installing it and working on it a bit before committing, because, as I mentioned, you can save things in MS formats.
Disclaimer: I have nothing to do with the Open Office developers, just tried the trial MS Office which came with my Vista computer... and bloody hated it!