Open Office is practically the same thing. There are some little things you can do in Microsofts version that you can't do in this, but they are so minute you will hardly see them. IT'S FREE! It also can save documents such that Microsofts versions of them can read them, or save them as its own.
But, yea, OpenOffice is an excellent product considering it's price (FREE!). I use it at home because I don't feel like paying for MS Office. The autocomplete feature takes some getting used to, but once you learn it, it saves you A LOT of time typing documents. I also really, really like the fact that you can easily export your documents to PDF or presentations to SWF.
That said, it has some usability issues that are kind of annoying. Performing some of the more advanced features requires digging into the help file because it isn't overly obvious on how to perform some functions. Off the top of my head, I had to do an outline the otherday at home that was pretty complex. Took a lot of monkeying with it to get it to number everything just right. But other than that, I really like it.
-Tok
