New Version of OpenOffice

OpenOffice.org Releases New Version of Free Software Alternative to Microsoft Office : The OpenOffice.org Community announces the release of OpenOffice.org 2.4, a new and enhanced version of the leading open-source office suite. The free software package provides a viable alternative to Microsoft's Office 2007 product - and an easier upgrade path for users of legacy MicrosoftOffice products. Read the release : Visit the site

I recall that version three of OpenOffice should be available now. However, I could be wrong.

Do all the exiting MS office files (i mean the documents created using MS Office) work on this new platform? also the files created using Open Office, can they be opened/used by people who have MS Office on their system?