FWIW:
I have a number of PCs - some XP, some Win 7, plus I work with a Win 8 machine at the offices of an association where I am an officer.
I use an old edition of MS Office on the XP machines and updated Open Office on the others, although I have OO installed on every machine.
I am a "power" word processor and I find some features in Open Office just don't meet my needs like Word, but I feel that 90% of my needs are met by OO. When I have need to use the Word bells and whistles, I just move to an XP machine. (Interestingly, many people I know are using the free Microsoft Works that comes with most PCs and quite happy with its various modules.)
I don't do a lot of fancy multimedia stuff in PowerPoint, so the OO Presentation is fine for my use.
I find I'm getting very rusty on creating my own spreadsheets and databases, choosing instead to just follow a Wizard for quick and dirty stuff, hiring somebody to do fancy stuff I'm too lazy to work out myself. So, both OO and Office are able to open and operate what someone else has created.
I see a value to cloud computing/storage when collaborating with distant colleagues, but I, too, am leery of storing ANY sensitive data in the cloud except under strict encryption and lock and key (and encryption things are what attract the interest of foreign and domestic NSA equivalents, triggering thoughts of criminals and spies.)