The Document Foundation is an independent self-governing meritocratic Foundation, created by leading members of the OpenOffice.org Community. After Oracle’s takeover of Sun, there has been a lot of discussion going on as to what would be the future of the Open Source Projects funded by Sun. Oracle has already shown that they are not so much into supporting Open Source projects. So I think this is definitely a good move.

I have downloaded it and installed on my computer. It is definitely faster and lot better in UI already. If you are still using OpenOffice, you could also consider migrating to LibreOffice. It uses the same code base and is already improved a lot than OpenOffice. May the freedom be with you ! 🙂