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?

Yes, Open Office (both v2 and 3) can open Word ,Excel, and Powerpoint Documents.  I belive Access database files take a little conversion to get working however.  By default Open office saves files in its own format that MS Office cannot open.  However, you can save Open Office files as their MS Office type (.doc, .xls, .ppt, etc).  You can also change the Open Office default to the MS Office formats.  Hope this helps, I have been using Open Office for a few years now and I have been VERY satisfied with its features and price (free). 

Thanks for this info. been meaning to try it!