This is very interesting. I think one of the pros to this would be that it's free. When you buy a new computer, you wouldn't need to also purchase Microsoft office to have word, excel, etc. You could use this and it is compatible with everything else.
Looking at Open-Office: the pro is it has most of the features that we are used to with Microsoft office. The con is like office anything saved is on that computer only. You can't have multiple users edit it or find a document on any computer.
Looking at Google Docs: the pro is that documents are saved on your web page so that you can access a document on any computer. Also, you can set it up so that multiple people can read or edit something. This is great for group presentations. The con is that it doesn't have quite as many features and options as open-office does.
Ultimately, I guess you would have to decide what your purpose is as to which would be best. For myself, I really like google docs. I had explored this in an earlier thing. I like that multiple people can work on a document without a bunch of emails or having to meet.
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