I am using Google Docs, so I downloaded Open Office to peruse through it. After spending some time exploring, these are my following thoughts...
The advantages of Google Docs and Open Office:
1. Free
2. Accessible
3. Provides basic functionality (ie. Word processing, Spreadsheet)
4. Import and Export existing documents
5. Used with Blogs
The disadvantages of Google Docs and Open Office:
1. Only access documents if you have Internet
2. Security (saved on a different server other than yours)