v.X works all right, but the 31 character filename limit is annoying.
This close to MWSF, though, I would recommend waiting. One thing I'll be looking at is what Apple does with iWork this time around. For a lot of people Pages is probably all they'd need; but it (currently) has occasional problems with particular Word documents, so if Word compatibility is important then MS Office is the only way to go.
If you want to try a free alternative, another option (for Word anyway) is Abiword. Its Word compatibility is very good, and it's very lightweight.