I like LibreOffice(the real OpenOffice). If that, and MS Office were equal in price, I'd still pick LibreOffice due to it being free(libre). It does everything I want it to do, and can be extended if I need it to be.
The only major problems or drawbacks will be your comfort level with learning LibreOffice and possibly formatting issues if you're using it to work on MS Office docs with other people. If you just use it for your stuff and send people PDFs and such of the final product I can't imagine you seeing any problems.
I don't like Office that much, but I tried OpenOffice a few years ago and it crashed constantly (in their word processing program every 30 minutes to an hour) and corrupted my files. I gave up trying to use it.
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