I can only say that, from my experience, MS Office documents are handled extremely well with LO.
I (have to) use XP at work, and all documents are MS Office 2003 (yeah, we're a little behind
). Often enough, when I work from home, I load Word/Excel/Powerpoint files on my personal PCLOS system and work on them with LO. It's faster, and I generally feel more comfortable on my personal system. Afterward, I upload them to my work laptop again, and everything's just fine.
I guess any other pointers can be googled, but since we have no OO installations here, there's probably nobody around here who can make any comparisons with Openoffice.