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The new interface has a lot of eye candy but I bet you that it will be as bloated and graphics-intensive as Vista. Therefore, all of our computers and the new budget ones will have a very difficult time handling the new software. In that sense, I think Microsoft actually did consumers a favor in delaying the launch; consumers will be sticking to the older, less power-hogging software (with all the bugs worked out) and wait until the prices for both the software and the powerful PCs that are need to run the stuff come drastically down in price.
They could have used the free and standard OpenDoc format which existed before they even began developing Office XML. But that's not Microsoft's style. If they were truely interested in offering an open portable format they would have chosen one already in use. Just the fact they created their own (which mimics the other) shows it's all just postering. They're not all interested in interoperability or the long term safety of your documents.
"sure to be a bloated and resource-heavy upgrade to Windows XP"
Well, at least you are not prejudging.