OpenOffice is lovely - it does practically everything that M$ Office does - and includes Writer (word processor), Impress (presentations - like Powerpoint), Math (mathematical function creator), Draw (vector drawing tool), Calc (spreadsheet), Base (database) - and without the hefty price-tag - it's open-source and free. And it's compatible with Office and such like. I've used it for over 6 months on my laptop now with no problems (I wasn't about to shell out for another M$ licence for it so my laptop's largely an open source zone).
What is doesn't come with though is templates like M$ Office does - here though are sources of templates for OpenOffice:
Impress
http://ooextras.sourceforge.net/downloads/simpress/index.php?tab=All - OO Extras - the OO collection of templates (some are better than others)
http://technology.chtsai.org/impress/ - some very nice templates
http://ooosupport.good-day.net/en/download/templates/ - templates for OO 1.1 (not sure if they're compatible with OO 2.x)
http://www.poweredtemplates.com/ (paid templates - they're Powerpoint templates, but compatible with OO)
http://csip.ece.gatech.edu/Information/StarOffice_Templates/index.shtmlWriter
http://www.worldlabel.com/Pages/openoffice-template.htm - label templates
http://www.openclipart.org/downloads/ - extremely large clipart library (not OO specific - instructions
here on using them in OO)
http://www.kaaredyret.dk/openoffice.html - loads of hints and tips and stuff here
http://ooextras.sourceforge.net/ - of course there's various bits and pieces at OO Extras as well
http://openoffice.blogs.com/openoffice/ - hints and tips and "how to"'s here