It is a very good alternative to the well-known and widespread Microsoft product. This version comes with an extra application (Base), which is an alternative for MS Access. Especially Writer (word processing) and Calc (spreadsheet) are serious competitives for MS. There is also the PowerPoint equivalent, Impress, which is also very good. On top of that, you get Draw (a vector drawing program), and Math (which is used for designing complex mathematical functions and calculations).
Oh, did I mention it is, like, totally free? 🙂