OpenOffice.org, a suite of open source, free, productivity software, is a direct competitor to Microsoft's Office products. The latest version, OpenOffice.org 3.0, is getting really good reviews, and could help OpenOffice.org take significant market share away from the closed, proprietary options.
From the site:
"13 Oct 2008: Following three years of continuous improvement, OpenOffice.org has now reached the landmark version 3.0, with a host of new features including native support for Mac OS X users. Head to http://download.openoffice.org to download the en-US, da, de, fr, it, ja, ru, sv versions, and monitor the platforms and languages page for details of the availability of other versions."