I once created a Microsoft Word 2000 document containing tables and a good number of bordered text areas. When opening this in OpenOffice, some shifting of the text areas had taken place. However, it was a quick operation to do a little shifting and resizing and make the document look OK. It was quite a complicated document. OpenOffice opens other Word documents without any trouble. .doc files can be converted to OpenOffice's native file type (.odt) if desired.
If you already have Microsoft Office, or are happy with another Office Suite, there maybe wouldn't be a reason to change. If you don't have an office suite and want one, or are looking for a free alternative because the current program is old, consider OpenOffice. I've only tried the Word Processor and opening .pps/.ppt files. I can't speak for the rest of the suite.
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