If you have a fast Mac and want an OpenOffice that doesn't need X11, try NeoOffice/J. Download fromhttp://www.planamesa.com/neojava/en/index.html
It's using Java, so it's unfortunately a bit slow on older Macs. But for the first version (0.0) it's quite good. It does not yet have printing support, no drag and drop and the clipboard is NeoOffice-internal, but it has no problems with fonts and uses all installed fonts. It reads Word files. As soon as the three missing features have been added, it will be a great free Office alternative. It's not true that OpenOffice for the Mac doesn't make progress. It certainly does. And the timeline is not at all "way off schedule".
A stable native Aqua version of KOffice that will also read Word files is due in 2-4 months.
However, I think Apple should not use one of these Office suites. Compare Keynote to any other available presentation software. Keynote looks gorgeous, because it uses all those specific Mac OS X technologies like Quartz, ATSUI etc. KOffice and OpenOffice would not use them. KOffice and OpenOffice will be nice (and free), but why should a user who already owns Word switch? They do nothing Word cannot do (one exception: they support Unicode on the Mac, Word supports Unicode only in Windows). A new Cocoa AppleWorks/iOffice should really offer additional functionality, just like Keynote includes transitions, great graphics support and typesetting capabilities unmatched by PowerPoint.
In other news, Nisus Writer Express 1.0 has been released, but (currently) lacks many important features, e.g. footnotes or tables. It's $60.
A new version of Mellel with much better RTF support (will import/export footnotes, tables etc.) will be out in August. Mellel costs $25, including 3 years of free updates. Soon Mellel will also support outlining.
Papyrus X! for Mac has also been released recently. It supports Unicode, Word/WordPerfect/RTF import, footnotes, tables (including complete spreadsheets), outlining, automatic generation of index and table of contents, forms etc. It includes basic DTP functionality, too. Papyrus is very fast and suitable for very large documents (has been tested without problems with documents having more than 30,000 pages). It's $99 but unfortunately the English version is not out yet - interface and manuals are German-only at the moment.