The answer is no !
From version 3.0 OpenOffice.org will be able to read MS Office 2007 documents.
The purpose is not to support an academic developed file format, but to help the pour users who by accident get hands on a document from Microsoft Office 2007.
I'm not sure if all document types (text, spreadsheet, presentations etc.) will be supported, but I know that first step is to support simple files. Advanced functionality (macros, main- and sub documents, embedded objects etc.) will not be supported from day one.