I think it is. I managed to get it cheap, thanks to the whole education price thing and all, so that made it a little easier to swallow the thought of buying something I would never use (Entourage). But, I find the 2004 Word to be vastly superior to X. I guess a lot depends on usage. My biggest joy with the new Word is being notebook view. I think it makes taking notes much easier and more organized.
This potential release of Word more like the Windows version has me scared. I was looking at some of the screenshots that they have for the beta (or whatever it is right now), and I dont' like it. I guess MS can't kill the menu bar on a Mac, so that makes it a little better, but it just didn't look right.