Over at Linux Journal, Bruce Byfield explains that, because of the proper implementation of features that are either underdeveloped or buggy in MS Word, OpenOffice Writer is a better word processor:

When you first switch to Writer, this claim that Writer beats Words may seem hard to swallow. And no wonder; you're too busy learning the new menus to get beyond the fact that everything's only half-familiar. And if you're an unsophisticated user who has yet to learn (to steal the title of Robin Williams' book) that the PC is not a typewriter, you might never notice. However, if you're an advanced user for whom style, structured text and long documents are all part of word processing, then the claim soon becomes self-evident.

I've been using it for a year now coming from WordPerfect. While I miss the reveal codes option, otherwise, OpenOffice has been a great alternative. No regrets :)

Do as Joe "Zonker" Brockmeier over at Corante says. If you absolutely don't have to use Word, then start giving OpenOffice a try.