OpenOffice is about as good as it gets for the free suites. Beta 2.0 (I believe) is pretty nice and clones MS Office even better.
However when the new version of Office comes out towards the end of the year (I think that is right, Q3 or Q4 maybe?) it is going to blow OpenOffice away. If you havn't seem the demo vids or screen shots of the new MS Office coming out you should check them out, they looks great