OpenOffice.org is a Microsoft Office look-a-like suite of applications that performs better than the original. (My blog - my opinion). It is an open source application that is freely available for use and distribution. Compatible with Word, Excel, Powerpoint and Access, there's no justifiable reason to purchase Microsoft Office in place of using OpenOffice.org for these applications. If you buy Office because you need Outlook, that's a different discussion.
Open Source: More information on open source software and its philosophy and definitions are widely available; here's a good article at Wikipedia: http://en.wikipedia.org/wiki/Open_source
HOW TO UPDATE: If OpenOffice.org is already installed on your computer (if I've worked on it, it probably is), it can be updated by clicking Help - Check for updates, and following the prompts. If the update fails, as it may during peak downloads, you can download the full installer and and install it over the top of the current installation.
HOW TO DOWNLOAD NEW: Go here and follow the prompts: http://download.openoffice.org/index.html
NEW FEATURES IN 3.2: Summary available here: http://www.openoffice.org/dev_docs/features/3.2/
To sum up the summary, the best New Feature would be the improved start-up time. Always a welcome improvement!