Not
It's suitible for 99% of home and small business users, maybe.
I have 2200 people here for whom Excel and Word alone are NOT good enough. They need Visio, Project, InfoPath, OneNote, and native SharePoint integration for collaboration. Also, just try to get on in a business world without Exchange and Outlook for a while (we did for 10 years). it costs MORE (Groupswise, TAO, they're all more expensive and have less integration, and there are no other DOD STIG approved large coprporation email systems.)
We looked into Open Office. We tried HARD to stay off Exchange. We realized not switching to MS Office and Exchange was COSTING nearly $4 million a year.
Once you have to buy Outlook and Visio, the rest of office under open licensing is free... We also tried alternatives (including homegrown stuff) for project management, and honestly, nothing does it as well as Microsoft Project, and noone we could hire into project management knew anything other than that package, which was a training barrier.
Then there's the training. Most people walk in the door with some Word and Excel experience. Few if any have Open Office experience, which means training them. I'm not talking about "open document, start typing" I'm talking about document collaboration and team development functions that are very difficult to implement in other apps, or simply are not options. Then there's digitally signing docs to think about as well...
Sorry, I'm a certainly NOT a fan of M$, and as an analyst our credo is "if it runs on linux it goes on linux" (same for virutalizing), but when it comes to workstations, especiually managaing 15,000 of them, M$ is really the CHEAPEST and EASIEST option. yes, there's a cost up front, but have you ever tried to manage a network of over 1,000 Linux machines? I have. It sucks. Honestly, if they'd just release Visio and Access for OS X we'd probably dump XP for OS X instead of moving to Win 7, but alas, it;s never been available even though the rest of office it.