I've moved from MS word to TeX to Open/Libreoffice to TeX for publications -- at least for simple equations, the LO equation editor works really nicely. Its syntax is a bit different from TeX (but also quicker to type). References, indices and formatting are fine (incl. ligatures etc). Only literature refs are involved (though only little more than in TeX). My issues were mostly with links/refs sometimes breaking in large documents, and vector graphics.
Formatting: Most people using MS word no nothing about templates, and MS doesn't make it easy to use them. After using TeX for a few months, OpenOffice 1.0 came out, I had Templates worked out in no time, and since then I have to try hard not to shout at people anytime they format fonts or paragraphs by hand.
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