In the long run, OpenOffice.org seems to be unable to compete against LibreOffice. The Apache license is compatible with both MPL and LGPL, but not the other way around. That is, the OOo developers have to implement new features themselves, while the LibreOffice developers can simply copy-paste code at will.
there's IBM, Apache and (still) Oracle behind it.
Although IBM has been a strong contributor to open projects, the only productivity software I've used made by IBM in the last 5 years is the nightmarish Lotus Email so I'm cynical to the idea they will add anything worthwhile. Additionally, everything I've seen from Oracle in the past year indicates they'll have little to do with OO after donating. That said, Apache is a cool organization and I have no doubt that if some of the developers get behind it, they'll do something great.