I think when I need a windows application that is not a game, I use a VM, like virtualbox (Sun version) and a windows OS install + application
I use OpenOffice, but I don't know why more office suite users don't use Office live
I would think that to avoid the format hassles with office suite (which version do you use, I can't read the file ?), it would be a better option
However, since Office Live Workspace is the web-enabled aspect of Microsoft Office software, integration is key. From within the workspace, you can click "edit" to open the file with the Microsoft Office program. The service also offers an add-in that works with Office XP, 2003, or 2007. The add-in allows you to open and save documents to and from the workspace via the software's File Menu (XP, 2003) or Office menu (2007).