I still consider Neo Office to be the best low-cost Office suite for the Mac. Developers Peterlin and Lubby continue to work on the Open Office package and customize it for Mac users. They have full-time jobs in the I.T. industry, or so it seems, but do continue to work on this project as a labor of love, funded completely by donations. This project has been going strong for 8 years.
The latest Neo Office supports the new 10.7 Lion and an update will be released on August 1.
Their software is no longer free, they charge a mandatory $10 donation. Furthermore they offer Support forums, but you can only post questions if you donate $100 per year.
I don’t do this, however READING the forums is FREE.
If you already have Microsoft Word for Mac and are happy, then stick with it. I just wanted to let you know there are alternatives. Apple Pages ($20 from the App Store) is also a wonderful alternative, especially for long-time Mac users who remember Apple Works.