Yes, Microsoft Word Is Not the Only Word Processor in the Market
Donation Coder published a white paper that reviews 14 popular word processing applications. Apart from the major players, he takes a look at the second-tier contenders as well as the online word processors.
I like his summary:
Telling someone which word processor is best is like telling someone which browser is better; I’ll leave that up to you. … my only advice is to look beyond any one word processor and seek openness in your choice of file format. Do not allow yourself and your data to be locked-in to the whim of any one vendor.